Save time and money by accepting one-time or recurring ACH payments
ACH Payments Anywhere
Accept ACH payments online, in-person, over the phone, or on your mobile device.
Recurring ACH Payments
Improve cash flow and create predictable revenue by collecting ACH information once and automating future payments.
Competitive Processing Rates
Save more of your hard earned money with ACH processing rates as low as 60c + 0.2% per transaction.
| Features | ACH | eChecks |
|---|---|---|
| Usage | One-time payments and recurring payments | Generally used for one-time payments. You can also set up recurring eChecks. |
| Processing Time | 1 to 2 business days to clear the transaction | 3-5 Business days to clear the transaction |
| Cost | For business entities, it ranges from .5% to 1.5% per transaction | 3-5 business days to clear the transaction |
As we have pointed out the differences, the similarities between ACH and eChecks have become evident. Even though they operate differently, they both have features that make them popular among individuals, businesses, and institutions. Both ACH and eChecks enable electronic fund transfers that are initiated by authorized parties, and usually take 1-2 business days for funds to clear. Furthermore, they offer cost-effective transaction processing, often with low or no fees involved.
ACH Processing Services from Moneybox offers a convenient and real-time online solution for accepting electronic ACH payments. We provide a complete end-to-end ACH payment processing service, with various gateways, core processing functions, and additional modules to help you receive payments faster while saving money.
An ACH payment is an electronic transfer of funds between two banks via the Automated Clearing House (ACH) network. These transactions are also known as EFTs or electronic funds transfers.
ACH payments enable your customers to transfer money directly from their bank account to yours. Typically, they use an eCheck, which utilizes the ACH network. Other types of ACH transactions include direct deposits, wire transfers, electronic benefits payments, and ACH disbursements.
Although ACH payments may seem similar to debit card payments, they are quite different in terms of processing times, transaction fees, merchant accounts, and providers. Additionally, they have their own chargeback and dispute resolution policies.
What Are the Benefits of ACH Payments?
There are several advantages to accepting ACH & eCheck payments, which is why many businesses are interested in offering this payment method:
Cost-effectiveness: eChecks typically come with lower fees compared to credit cards. For example, a $500 payment through an eCheck may incur a flat fee of around $0.60, while the same amount through a credit card might result in a fee closer to $9.60 (assuming a 1.9% rate + $0.10 transaction fee).
Speed and convenience: Electronic check processing is faster than processing paper checks, and the funds usually reach your account within 3-5 days. Although credit card payments can take 2-3 days to process, banks have been known to delay credit card funds for days or weeks due to non-payment issues. This is not the case with eChecks.
Recurring payments: eChecks are popular for setting up recurring payments. This helps create reliable revenue, and you can automate the billing process using a service like Moneybox Merchant Services.
Fraud protection: In the case of a disputed transaction, a customer can only dispute an ACH charge based on three specific reasons: unauthorized account access, processing at an incorrect time, or processing for an incorrect amount. This provides an additional layer of protection against fraud compared to credit card disputes.