ACH or eCheck enables users to electronically collect payments by directly debiting their customers checking or saving accounts. The ACH Network is the group of financial institutions and similar entities within the banking industry that work together to facilitate the processing and clearing of electronic cheque payments.
ACH transactions are done electronically, then customers receive immediate notifications of the transactions they make.
The eCheck.Net service of Authorize.Net uses the ACH Network to process fund transfers from customer bank accounts to merchant bank accounts. eCheck.Net transactions are governed by ACH processing rules established by the National Automated Clearing House Association (NACHA), in addition to the Electronic Funds Transfer Act and Regulation E, as established by the Federal Reserve Board.
When enabled, users will see a link with the title “Pay with Bank Account” when they try to make a payment for an invoice. Selecting this option will open a form where they can enter their bank account details and billing address, and authorize the payment.
What`s more, Hiveage announced that it will introduce automated recurring billing with ACH via Authorize.Net, as well as ACH payments via Stripe, within the next few months.
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