{"id":1907,"date":"2021-03-01T17:19:56","date_gmt":"2021-03-01T22:19:56","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1907"},"modified":"2024-07-04T13:19:27","modified_gmt":"2024-07-04T18:19:27","slug":"ach-payment","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/ach-payment","title":{"rendered":"What is ACH Payment and How Does it Work?"},"content":{"rendered":"\n<p>Throughout this article we\u2019ll answer the question: what is an ACH payment and address when you might use one.&nbsp; We\u2019ll also talk about how ACH payments work, how to make ACH Deposits, and their advantages\/disadvantages.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_ACH_Payment\"><\/span><strong>What is an ACH Payment?&nbsp;<\/strong><strong><em>&nbsp;<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ACH payments are electronic payments between banks across the ACH network. ACH stands for&nbsp;<a href=\"https:\/\/www.thebalance.com\/what-does-ach-stand-for-315226\">Automated Clearing House<\/a>, an electronic network that coordinates payments and automated money transfers. Once you <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\">open a business bank account<\/a>, ACH payments are an easy way to send and receive money without having to use wire transfers, checks, cash, or credit cards. If you set up direct payments on your account it can ease the tension of <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/what-is-an-invoice\">chasing down&nbsp;invoices<\/a>.&nbsp;Send and receive ACH payments with ease through North One. Apply now and get started.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" title=\"Apply for a North One Account in less than 3 minutes.\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_are_ACH_payments_Used\"><\/span><strong>When are ACH payments Used?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While you might not be familiar with the term, there is a good chance you\u2019re already using some form of ACH Payment in your day-to-day life. ACH Payments include things like direct deposits from your job,&nbsp;paying your bills online, and transferring cash from your brick and mortar bank to your online bank.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-expand=\"1\" src=\"https:\/\/www.northone.com\/blog\/wp-content\/plugins\/media-ace\/includes\/lazy-load\/images\/blank.png\" data-src=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/03\/ACH_Payments_Gold_Blog_Graphic-1024x683.png\" alt=\"Examples of ACH Payments including a customer paying a service provider, business paying a distributor, and an employer direct depositing a paycheck. \" class=\"lazyload wp-image-1910\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Difference_Between_an_ACH_Payment_and_a_Wire_Transfer\"><\/span><strong>What is the Difference Between an ACH Payment and a Wire Transfer?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.northone.com\/blog\/business-banking\/ach-payment\">What exactly is an ACH payment?<\/a> How does it work? There are several&nbsp;differences between ACH Payments and Wire Transfers, what\u2019s important to most people is the time it takes to process everything. <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-long-do-wire-transfers-take\">How long do wire transfers take<\/a> to go through? Wire transfers transfer money&nbsp;in real time, meaning once the money is sent from one account to another it can be accessed right away. ACH Payments are processed in batches. There can be some lag time between when the money is sent and when people can access it. It can take a few days.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pros_and_Cons_of_Using_ACH_Payments_for_my_Business\"><\/span><strong>Pros and Cons of Using ACH Payments for my Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are few pros and cons of ACH payments we should address as these payments have their advantages and disadvantages. Whether they\u2019re the best payment type for a particular transaction really depends on the circumstances. Let\u2019s take a look at the positives first.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pros_of_ACH_Payments\"><\/span><strong>Pros of ACH Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Convenience<\/em>:&nbsp; With ACH Payments you don\u2019t need to write a cheque, take a trip to the bank, or send an invoice by mail. Similarly, your customers can set up automatic payments to your business, making sure they\u2019re not paying bills late or forgetting them entirely.&nbsp;<\/li>\n\n\n\n<li><em>Lower Processing Cost<\/em>:&nbsp; ACH Payments have lower processing fees than credit cards, wire transfers, or any other type of payment. If you\u2019re processing dozens \u2014 even hundreds \u2014 of payments a month those savings add up.&nbsp;<\/li>\n\n\n\n<li><em>Less errors in the payment process<\/em>: When people are writing checks or doing paperwork by hand they\u2019re prone to making mistakes. Those mistakes are less likely to happen when everything is online and automated&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>While ACH Payments have a lot of upside, there are unfortunately some drawbacks to using them instead of other types of money transfers. Here are some of the cons to using ACH Payments.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cons_of_ACH_Payments\"><\/span><strong>Cons of ACH Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Speed<\/em>: Like we mentioned above, ACH Payments can take three to five business days to process. If you need access to those funds right away, you\u2019re going to want those payments to come in a different form&nbsp;<\/li>\n\n\n\n<li><em>Processing Limits:&nbsp;<\/em>There are caps to how much money you can move on a daily and monthly basis with ACH Payments. The same day ACH transfer limit is&nbsp;<a href=\"https:\/\/www.nacha.org\/rules\/expanding-same-day-ach\">capped at 100k<\/a>.<\/li>\n\n\n\n<li><em>Cut Off Times<\/em>: ACH Payments are only available at certain times of the day.&nbsp;<\/li>\n\n\n\n<li><em>Limited to America<\/em>: Most financial institutions don\u2019t allow ACH payments from International bank accounts &nbsp;&nbsp;<em>&nbsp;<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Send_and_Accept_ACH_Payments\"><\/span><strong>How to Send and Accept ACH Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While ACH payments aren\u2019t ideal for every business transaction, they\u2019re ideal for things like recurring payments and are a lower-cost option than other forms of payments, which often come with high fees. If you\u2019re feeling like the <a href=\"https:\/\/www.northone.com\/blog\/northone\/big-banks-against-small-business\">big banks have left your small business behind<\/a> and you\u2019re looking to set up ACH Payments for your&nbsp;small business, we\u2019ve got you covered below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Choose your ACH provider<\/em>: You can set up your business to send and receive ACH Payments through your North One business bank account. If you haven\u2019t got an account already, you can open one&nbsp;<a href=\"https:\/\/join.northone.com\/\">here<\/a>. It only takes a couple of minutes.&nbsp;<\/li>\n\n\n\n<li><em>Request Authorization For ACH billing<\/em>: You can request ACH billing from your customers. In order to start ACH billing you\u2019ll need to collect info like the customer\u2019s legal name, their bank\u2019s name, whether they\u2019re using a checking or savings account, the account number, and their bank\u2019s routing number. After you\u2019ve done this you\u2019ll be able to authorize the payment. For recurring payments, you\u2019ll only need to do this once.<\/li>\n<\/ul>\n\n\n\n<p><em>Get the ACH Payment set up and submitted<\/em>: Your customers will have to provide the&nbsp;necessary information to authorize the payment and authorize the ACH transaction. From there you can process the ACH transaction and accept the payment. Most commonly this is done through setting up a payment gateway on a website or through automatic invoicing, like what happens when you pay your bills electronically.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_ACH_Payments\"><\/span><strong>Conclusion: ACH Payments&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This article should have covered the basics you need to know for getting started with ACH Payments. If you have any more questions \u2014 or need anything specific to your small business bank account addressed \u2014 the customer service reps at North One are available through live chat, phone, and email. Feel free to get in touch.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Throughout this article we\u2019ll answer the question: what is an ACH payment and address when you might use one.&nbsp; We\u2019ll also talk about how ACH payments work, how to make&#8230;<\/p>\n","protected":false},"author":15,"featured_media":1911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[153],"tags":[],"class_list":["post-1907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is ACH Payment and How Does it Work? - NorthOne<\/title>\n<meta name=\"description\" content=\"ACH payments are electronic payments between banks across the ACH network. 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This guide explains how they work and how to use them for business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/business-banking\/ach-payment\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-01T22:19:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-04T18:19:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/03\/ACH_Payments_Gold_Blog_Banner.png\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Graham Isador\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Graham Isador\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment\"},\"author\":{\"name\":\"Graham Isador\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/c127642fdbbf55357f0749c370a1720b\"},\"headline\":\"What is ACH Payment and How Does it Work?\",\"datePublished\":\"2021-03-01T22:19:56+00:00\",\"dateModified\":\"2024-07-04T18:19:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment\"},\"wordCount\":969,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/ACH_Payments_Gold_Blog_Banner.png\",\"articleSection\":[\"Business Banking\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment\",\"name\":\"What is ACH Payment and How Does it Work? - NorthOne\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/ach-payment#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/ACH_Payments_Gold_Blog_Banner.png\",\"datePublished\":\"2021-03-01T22:19:56+00:00\",\"dateModified\":\"2024-07-04T18:19:27+00:00\",\"description\":\"ACH payments are electronic payments between banks across the ACH network. 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