In payments, there are two common setups: third-party sender and third-party service provider. For any company that needs to move money, it’s good to understand the differences.
ACH money movement is a common payment method for money transfers or automated payments. It’s relatively easy and cheap, but timing can be confusing. Since we get so many questions around ACH timings, we wanted to clear up timing for companies utilizing ACH and what they can expect.
An eCheck is a payment method that businesses use to charge an individual or another business. It utilizes the Automated Clearing House (ACH) system to move the money between bank accounts. eChecks support a diverse set of use cases, from rent and utilities to medical payments and business invoices.
When an ACH return occurs, the payment is reversed. This means that if you had paid someone, the money will come back to your account. Or if you had charged someone, you will lose the money you thought you received. But how does that reversal happen?
Lockboxes are a great solution for businesses who don't want to deal with the hassle of paper checks.