ACH

Automated Clearing House is an electronic way to process our checks. Also known as ACH echeck services. They do well over thirty six million a year in payroll checks, mortgage payments and even insurance payments. Their network is different than what is used for the debit and credit industry. The Federal Reserve and the network formerly known as the National Automated Clearing House Association process and back all of the checks that run through our nation’s phone calls or through automated payments online.

 

To put this into perspective, our own Federal, State and local tax payments are run through this system. Without it, our second option of payment is gone. When we set up a payment to go out from our bill pay at the bank, the ACH program is used. Imagine, if this system had not come along, would we have our debit program? Maybe it still would have been created, because the credit industry had already been established. But still, one can wonder, without this other step, would it have gone far enough to work out the kinks for the debit industry creation.

 

Setting up an account to accept echecks

 

While you are looking for the right company to help you process your credit cards, see if it’s a full meal deal. In other words, look for the company that can process everything and have the lowest processing fees for your business. You might not find someone that can do it all, but you may find what you are looking for from each aspect of your processing. One for echecks and one for the debit and credit card processing.

 

Fill out the paperwork

 

Start with the paper work and fill out their application. Most companies get back to you twenty four to forty eight hours after you have sent them the paperwork. Follow their rules and expect issues if your credit is less than stellar. Some just need clarification, and then you are ready to begin processing your income. Others may need some extra information, and it may take a few days. But if you have done your homework and are prepared for this, then the delay will not upset your business strategy.

 

Literally thousands to choose from

 

Your choices are going to be in the thousands. Don’t stop with two or three and take the time to do your research. If you don’t have time, have someone that is working with you, to take that extra hour or so to make sure you have what you are after. When you have filled out those papers and marked your name on the electronic signature line, it’s very hard to turn around and walk away. Meaning, that time is money and if you have to do this again, you will be losing out on profits from your own sales…… because of a delay after you started working the business.

 

 

 

Conclusion

 

ACH echeck services are absolutely something that keeps our economy working every day. Without them, millions of Americans would be lost in a sea of technology without an answer. With them, we have options and our information highway runs smoothly and our payrolls arrive. Echecks….. It’s another way to pay.

 

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