What is Direct Deposit via ACH

by admin 6. August 2013 11:46

ACH stands for automatic clearing house. The Automated Clearing House is a secure network through which banks and other financial institutions can transmit electronic transactions.

An ACH deposit means that funds are electronically deposited into an account. This means there is no need for a person to write a check and no one has to visit a bank to complete the transaction.

You can use ezACH Deposit Software deposit to 

- Deposit the fund for payroll, employee expense reimbursement

- Pay Vendors

- Pay Government taxes

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- Collect paycheck from customers

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ezACH Deposit

What is ACH?

by admin 17. July 2013 08:54

Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. You can use ezACH Deposit Software  to generate the ACH file to

 

- Deposit the fund for payroll, employee expense reimbursement

- Pay Vendors

- Pay Government taxes

- Collect paycheck from customers

 

The ACH Network processes two types of transactions: Direct Deposits via ACH and Direct Payments via ACH

 

Direct Deposit via ACH is the deposit of funds for payroll, employee expense reimbursement, government benefits, tax and other refunds, and annuities and interest payments. It includes any ACH credit payment from a business or government to a consumer.

 

-           A Direct Payment processed as an ACH credit pushes funds into an account. An example of this is when a consumer initiates a payment through his/her bank or credit union to pay a bill.

 

-          A Direct Payment processed as an ACH debit pulls funds from an account.  An example of this is when a consumer establishes a recurring monthly payment for a mortgage or utility bill, and his/her account is debited automatically.

 

The NACHA Operating Rules require that ACH credits settle in one to two business days and ACH debits settle on the next business day.

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ezACH Deposit

Standard Entry Class (SEC) Codes for ACH Transaction

by admin 17. July 2013 08:42

Standard Entry Class (SEC) Codes

ARC
Accounts receivable conversion. A consumer check converted to a one-time ACH debit. The difference between ARC and POP is that ARC can result from a check mailed in whereas POP is in-person.
BOC
Back office conversion. A single entry debit initiated at the point of purchase or at a manned bill payment location to transfer funds through conversion to an ACH debit entry during back office processing. Unlike ARC entries, BOC conversions require that the customer be present, and that the vendor post a notice that checks may be converted to BOC ACH entries.
CBR
Corporate cross-border payment. Used for international business transactions, replaced by SEC Code IAT.
CCD
Corporate credit or debit. Primarily used for business-to-business transactions.
CTX
Corporate trade exchange. Transactions that include ASC X12 or EDIFACT information.
DNE
Death notification entry. Issued by the federal government.
IAT
International ACH transaction. This is an SEC code for cross-border payment traffic to replace the PBR and CBR codes. The code has been implemented since September 18, 2009.
PBR
Consumer cross-border payment. Used for international household transactions, replaced by SEC Code IAT.
POP
Point-of-purchase. A check presented in-person to a merchant for purchase is presented as an ACH entry instead of a physical check.
POS
Point-of-sale. A debit at an electronic terminal initiated by use of a plastic card. An example is using your debit card to purchase gas.
PPD
Prearranged payment and deposits. Used to credit or debit a consumer account. Popularly used for payroll direct deposits and preauthorized bill payments.
RCK
Represented check entries. A physical check that was presented but returned because of insufficient funds may be represented as an ACH entry.
TEL
Telephone-initiated entry. Oral authorization by telephone to issue an ACH entry such as checks by phone. (TEL code allowed for inbound telephone orders only. NACHA disallows the use of this code for outbound telephone solicitations unless a prior business arrangement with the customer has been established.)
WEB
Web-initiated entry. Electronic authorization through the Internet to create an ACH entry.
XCK
Destroyed check entry. A physical check that was destroyed because of a disaster can be presented as an ACH entry.

Source: http://en.wikipedia.org/wiki/Automated_Clearing_House

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ezACH Deposit

What is PreNote in ACH file?

by admin 4. April 2012 05:06

A prenote is the commonly used term for an Automated Clearing House (ACH) prenotification.

Prenotes are optional for the originating company, but they are not optional for the receiving bank or credit union (the RDFI, or receiving depository financial institution) once the originating company sends one. Under the ACH rules’ National System of Fines, an RDFI can be fined if they do not validate prenotes sent to them.

Under NACHA Operating Rules (also known as ACH rules), a prenote’s purpose is to “validate” the routing number and account number of the receiving bank or credit union.

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