ACH Payment Processing will provide more efficient payment acceptance than both traditional cash method and payment cards from a cost and processes perspective. You can eliminate manual processes and automate the entire payment cycle, regardless of your industry with ACH Processing.
Checks and ACH Processing
The ACH Process is Simple
How Do I Get Started?
Reach out to EFT Network, Inc. and schedule a call with one of our highly specialized sales reps who can consult with you, considering technical and compliance related requirements. Once a solution has been established, you can begin your application and submit for underwriting. Post approval, you will be ready to accept ACH payments in a matter of days!
When is The Money in My Account?
Traditionally ACH transactions take up to 72 hours to be funded to your bank account, but EFT Network, Inc. offers expedited funding options to qualified merchants who just can’t wait for the Federal Reserve to clear the funds.
Are You Integrated With My Software?
Chances are, yes. EFT Network, Inc. has a network of software and technology partners that it has developed interfaces with. Both batch processing and real time interfaces are supported by our sophisticated gateway.
ARC
Accounts Receivable Entry
Enables Originators to convert checks received via U.S. mail or at a drobox location to Single-Entry ACH debits. Authorization for an ARC entry is obtained through notice provided to the Receiver (of goods or services) by the payee.
The ARC entry is subject to NACHA operating rules, the Electronic Funds Transfer Act and Regulation E. You are required to use a reader device to capture the MICR line (routing number, account number and check serial number of the source document and key in the amount.)
POP
Point of Purchase
The POP type transaction allows for a single ACH debit transaction for in-person purchases made at the point of purchase. An Authorization document is required for written authorization and account information at the point of purchase and is signed by the consumer, a return fee can also be Authorized at the same time or by notification at the Point of Purchase in the form of signage. The tendered consumer check is returned to the consumer after the transaction is processed.
CCD
Corporate Credit or Debit
Either a credit or debit application where funds are transferred between unrelated corporate entities or transmitted as intra-company concentrations and disbursement transactions. Serves as stand-alone funds transfer, or it can support a limited amount of payment related data with the funds transfer.
CCD type ACH transactions differ from consumer type ACH transactions in that the CCD transaction is meant only for Business to Business transfers. The timing for returned transactions is geared towards corporations in that transactions can only be returned within 72 hours for certain return reasons. The CCD transaction type is used for permitting electronic debits between businesses. (Paper checks cannot be processed using the CCD code.) The major difference between CCD transactions and Business to Consumer transactions is the amount of time after the transaction in which it can be disputed. For the Business to Consumer codes (PPD, TEL, and WEB) the customer has 60 days to dispute. For CCD it is only 3 days. Thus, if you are billing another business, it is to your advantage to enter the transaction as CCD.
How Do I Authorize?
To use CCD type transaction, a Debit Authorization must be obtained prior to the processing of the Debit transaction. This can be part of separate overriding agreement covering all transactions for one or more bank accounts, or it can be included in a one-time or recurring ACH authorization. It can also be included in terms and conditions of any contract you have with your B2B customer.
One Time Authorization
Have your B2B customer sign and date a transaction authorization or include similar language in the terms and conditions of your contract that indicates: Payment amount and date. Bank information for account to be debited. Statement that bank account is enabled for ACH. Agreement to be bound by NACHA operating rules. Keep a copy of the authorization for 2 years.
Recurring Schedule Written Authorization
Have your B2B customer sign and date a transaction authorization (template below) or include similar language in the terms and conditions of your contract that indicates: Payment amount and frequency. Bank information for account to be debited. Statement that bank account is enabled for ACH. Agreement to be bound by NACHA operating rules. Keep a copy of the authorization for 2 years after the last payment on the schedule.
WEB
Internet Initiated Transaction
For the origination of debit entries (recurring or Single-Entry) to a consumer’s account pursuant to an authorization that is obtained from the Receiver via the Internet.
How to Authorize: Include NACHA mandated language in the Terms and Conditions field. Enable your customer to view and print a receipt immediately after submitting the payment form that contains: Full details of the schedule (payment amount, frequency, start date, end date or # of payments). A confirmation # for any transaction processed as part of the schedule when it was entered. Email a receipt to your customer for each transaction processed as part of the schedule, CC yourself, and keep a copy of the email for 2 years. Notify your customer in advance of any change to the schedule payment amount (or payment range) or frequency.
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