ACH (Automated Clearing House) processing is a means of electronic payment method that allows for funds to be transferred between savings and checking accounts.
The ACH network processed $4.7 billion transaction in Q1 of 2015. Hundreds of thousands of companies process all manner of payments, including direct deposit payroll, insurance premiums, Federal government social security payments, loans, mortgages and utility bills via the ACH Network.
The ACH network has been around for over 40 years and has proven in this time to be an extremely reliable, safe, secure and private payment processing network. It was initially setup as a more convenient and cost-saving alternative to paper-based checks.
ACH processing works similarly to electronic checks (eChecks) however, where they differ is that an ACH payment transfers funds from one bank account to another, via debit or credit, which can be setup for recurrent billing, whereas an eCheck is limited to a one-time electronic payment method.
ACH processing is ideal for corporate companies that need recurring payments, such as monthly billing, memberships and other subscriptions. This makes it particularly beneficial as a payment method for numerous sectors, particularly healthcare, the public sector, financial institutions, utility providers and property management companies.
Yes, Transact24’s ACH payment processing solution supports WEB, PPD and TEL initiated transaction.
The period related to the settlement of funds is dictated by the various banks T24 has partnered with.
We accept .csv files formats and standard NACHA field formats.
Yes, all ACH payment transactions you submit to us are secure, with our technology systems being both PCI Level One and SOC compliant.
No. We’re fully transparent with our clients, providing full details of the fees and costs associated with processing ACH payments with Transact24.
To find out more about our ACH processing solution, the setup and the costs please get in touch with one of our sales advisors. You can contact us using the contact for provided on our contact us page.
To setup an ACH processing solution with us you’ll need to get in contact with one of our ACH sales advisors. You can do so through our contact form, found on the contact us page of our website.
It takes approximately 36-48 hours for the bank to review and approve your application once we’ve received all of the required information and supporting documents.
To begin the process of signing up with us please contact us using the enquiry form provided on our contact us page.
Once your application has been approved and a live test transaction settles you’ll be able to start submitting transactions to us immediately.
All Terms and conditions are outlined in the Origination agreement.
You’re required to keep both written and verbal authorizations for a period of 2 years from the effective date as outlined by NACHA. For recurrent transactions, this date is the effective date of the last transaction.
To confirm whether or not an ACH payment has been processed successfully simply login to our web-based reporting tool. If you’re having trouble logging in to this tool, please contact our ACH support team for assistance.
All credit transaction submitted for processing will be submitted to settle on the next banking day.
T24 employs a portfolio of scrubbing solutions that mitigates the risk of Unauthorized returns and administrative returns.
Merchants can select their preferred billing descriptor for the processing of transactions.
Yes, customers are able to make charge backs (Unauthorized Transaction) on their payments, however the rate at which Unauthorized Transactions are received for ACH transactions can be managed by obtaining proper authorization customers.