1. ACH Payment Types
ACH transactions offered are:
- WEB – Website originated debit (initiated by customer)
- PPD – Personal account debit (entered in through the online virtual terminal or through recurring auto withdrawl)
- CCD – Business account debit (entered in through the online virtual terminal or through recurring auto withdrawl)
- TEL – Telephone originated (payment information provided over the phone)
- POP – Point of Purchase (cash register)
- BOC – Back office conversion (checks converted into ACH transactions in the “back office”)
- ARC – Accounts receivable (checks mailed in or received through a dropbox are converted into ACH transactions)
- RCK – Returned check item (bounced or returned checks are run through in an attempt to collect payment)
According to NACHA, the Electronic Payments Association, the number of ACH transactions currently processed annually, exceeds 19.1 billion. Appoximately 500 million transactions were added last year.
When businesses overlook ACH processing and Paper Check Conversion, they lose the opportunity to expand their reach into new markets. By offering ACH capabilities, businesses contribute to their bottom line.
Currently in the US, there are still many individuals who do not have credit cards or who still prefer to pay with their checking or savings accounts. Now, businesses can easily accept new forms of payment with VeriCheck.
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