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Automatic Clearing House (ACH) networks process three kinds of electronic payments: Direct Deposit, Direct Payment and check conversion. You’ve probably encountered these processes in online banking or your employer. Direct Deposit can be used for payroll, expense reimbursements, pension and dividend payments, among others. When you sign up, you can authorize a company to deposit directly to your account at a financial institution. Direct Payments are ideal for mortgage loans, insurance premiums, credit card bills and other regular payments.Check conversion is electronic check processing. With these transactions, you save time, you save paper, and save on late fees, not to mention go to your bank less often. To understand how the system works, visit electronicpayments.org.
