Do you own a business that deals with recurring payments? Are you looking for a convenient transaction option to manage finances? Opting for ACH transfers can be an excellent way to automate and simplify accounting. This article provides an easy-to-understand guide on ACH transfers and why choosing them can be advantageous.
What Is an ACH Transfer?
An ACH transfer, also commonly referred to as ACH payment or transaction, is an electronic fund transfer method from bank to bank. You can make this electronic payment across banks in the United States. Payments made through ACH transfers are cleared via the Automated Clearing House (ACH) network.
In 2021, NACHA reported 29.1 billion ACH transactions with a total value of $72.6 trillion. Compared to the previous year, it showed a 17.4% increase, mainly due to business-to-business