Benefits of ACH Transfers
1. Convenience: ACH transfers allow customers to transfer funds electronically between bank accounts, and avoid using paper checks or physical cash.
2. Cost-Effectiveness: ACH transfers will usually be cheaper than other payment methods, like wire transfers or cheques, as banks and financial institutions charge lower fees.
3. Efficiency: With the ACH transfers being electronically processed, they are able to get settled in a quick and efficient way, which is within one to two business days.
4. Security: ACH supports high security with countermeasures to resist fraud and unauthorized transactions conferring security to both payer and recipient.
5. Flexibility: ACH transfers can be utilized for various payment types such as a direct deposit for salaries and wages, bills, expenses for vendors, and also for person-to-person transfers.