What is ACH?
ACH is an electronic clearing house that facilitates the movement of funds between demand deposit accounts (e.g., checking and savings accounts). Chances are you’ve participated in ACH. Common applications include direct deposit for payroll and direct debit for automated loan payments.
In 2000, the ACH began releasing a wave of new applications collectively referred to as “e-check” applications. These applications make it possible to accept payments by phone
, by internet
and even make possible the conversion of mailed in checks to electronic items. These applications and others are made possible by gateways such as PaymentVision®
How fast do I receive funds?
Funds are usually transferred in 24 hours. Many ACH processors impose a hold and/or reserve requirement to manage their transaction risk (e.g., fraud, returns). It typically takes 3 – 5 days to see your money with an ACH transaction.
Does PaymentVision have a hold or reserve requirement?
In most cases, PaymentVision does not impose a hold or reserve requirement.
What are the advantages of ACH over other types of payments?
There are many advantages to ACH payments - faster settlement timeframes, shorter return notification windows and automated return re-submission. This coupled with a low cost per item in comparison to other payment systems such as wire transfers and credit cards make it an attractive payment system for many businesses.
Can my company benefit from ACH?
If you bill for a service or are in the business of collecting payments for others you can benefit from ACH. ACH will allow you to accept payments via the phone
and via the internet
. It will also allow you to convert that small, rectangular piece of paper that you are currently accustomed to receiving via the mail into an electronic item.
How can PaymentVision help me?
PaymentVision provides a gateway that sits on top an architecture comprised of peripheral payment capture services that all connect to central administrative hub
. The gateway is hosted by Autoscribe, a leading provider of payment solutions since 1992.
Gateway services include self-service payment channels accessed via the web
and phone via interactive messages
; a virtual terminal for call centers
; and a payment API for software developers
Whether payments are captured via an agent
, voice or sms broadcast campaign, inbound IVR
, or via the web
all can be managed in a single system. The gateway is PCI compliant