![]() This is because the payment is automated, so there is less chance for actors facilitating the transaction to commit fraud, and because it moves through the ACH Network for verification and validity.ĪCH Billing: When working with someone with whom you trust, you can sign on for an ACH billing method like direct deposit or EFT. ACH payment transfers are one of the most secure ways to send money. Secure: While ACH fraud is still possible. Most banks will only charge $1 to $1.50 in order for an ACH transaction to occur.ĪCH Payment Processing: A third party payment processor, such as a digital wallet or ACH API, like Sila, can securely connect a user’s checking account to the TPPP in order to facilitate ACH payments with merchants or friends. An ACH payment costs banks about $0.29 for ACH processing. Low cost: While not free, an ACH payment has an extremely affordable transaction fee. There are many benefits to using ACH payments when sending money electronically. ACH payments are considered to be either an ACH debit (to pull money out of the account) or an ACH credit (to put money back in). This type of electronic payment can generally only be sent in USD as it moves through the Automated Clearing House (ACH) Network.
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