What is ACH/EFT Payment?

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What is ACH/EFT Payment?

With ACH/EFT Payment, the payments you designate are debited from your account automatically. ACH/EFT Payment is similar to Direct Deposit. With Direct Deposit, your payments such as your paycheck or dividends are deposited into your checking or savings account automatically.

ACH/EFT Payment simplifies your life by taking the hassle out of paying your bills. Once you sign up for ACH/EFT Payment, you will never have to write a check for that payment again. To get started with ACH/EFT Payment, just sign up with the companies that send you bills or handle your investments.

ACH/EFT Payment can be used for many types of recurring payments, including:

Mortgage
Insurance
Investments
Car Loans
Newspaper/Magazine Subscriptions
Utilities
Cable TV
Health Clubs
Credit Cards
Donations
Doctors/Dentists
Many More!

In addition, ACH/EFT Payment is used to accept check payment over the telephone, by fax, or online. And many businesses are converting check payments to an ACH/EFT at the point of sale. When a business accepts ACH/EFT payments, they are saving money while offering their customers convenient, secure payment options.

Sources:
Direct Deposit and Direct Payment Coalition, www.directdeposit.org or www.directpayment.org
Board of Governors of the Federal Reserve System, www.federalreserve.gov
Mid-America Payment Exchange, www.mpx.org
NACHA, www.nacha.org