3/23/2023 0 Comments Does my checkbook image matter![]() What Types of Payments Can You Make with eChecks This is all done similar to paper check processing, just electronically. With an eCheck, the money is electronically withdrawn from the payer’s account, sent via the ACH network to the payee’s banking institution, and then electronically deposited into the payee’s account. The best way to explain the similarities and differences of ACH, EFT, and eCheck is that an eCheck is a type of electronic funds transfer (EFT) that uses the Automated Clearing House (ACH) network to process the payment. Do ACH and EFT Mean the Same as eCheck?ĮFT stands for “Electronic Funds Transfer.” This all-encompassing term includes many types of financial transfers, including:ĪCH stands for “Automated Clearing House.” As noted, this is the electronic network used by financial institutions in the United States that provides infrastructure for payment processing companies. Learn all the ways to accept online paymentsĬlick here to access the FREE 3. Funds are typically deposited into the merchant’s bank account three to five business days after the transaction is initiated.
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