2016-12-01 00:00:00 Payment Processing English Learn what an ACH transfer is, and how it helps customers without a debit or credit card pay your company's invoice online. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214735/a-man-using-computer-to-check-ach-bank-transfer.jpg What Is an ACH Transfer?

What Is an ACH Transfer?

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An ACH transfer is simply an electronic funds transfer. “ACH” stands for Automated Clearing House, the nonprofit association that runs world’s largest electronic payment system. Businesses use ACH transfers to make it easy for customers to pay for goods and services.

Because customers have to know the transit number and account number on their cheques to make a purchase using an ACH transfer, it’s often easier for customers to use a debit or credit card to pay for single purchases. However, ACH transfers are often used to set up automatic payments for customers who are financing large purchases. It’s a good idea to make ACH transfers available as part of your online invoicing process so that customers without debit or credit cards can make purchases online.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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