What is ACH Payment Processing?
ACH Payment Processing
ACH payment processing is the implementation of an electronic bank transfer between the payer’s and recipient’s bank accounts through the Automated Clearing House network of financial institutions regulated by Nacha.
ACH payment processing is used for recurring payments and one-time payments instead of a paper check, bank transfer, credit or debit card.
The ACH payment method is a type of electronic money transfer (EFT).
The ACH network eliminates the need for paper checks. Instead, it handles two types of transactions: Direct Payments via ACH and Direct Deposits via ACH.
How Does ACH Payment Processing Work?
ACH payment processing works when ACH transfers go through a payment processor using either ACH credit or ACH debit. ODFI in the ACH network is a depository financial institution-sender, and RDFI is a depository financial institution-recipient. ODFI transfers files to the ACH operator on the same day.
The payer can use electronic checks for direct ACH credit to transfer funds to the recipient’s bank account. Or the payer can allow recurring payments from his bank account via ACH credit by filling out the authorization form of the payee.
When a financial institution withdraws funds from a bank account at the request of the payee, it is an ACH debit.
In order to process an ACH transaction for direct payment and direct deposit, the payer must provide the ACH network with banking information, including contact information, route number and account number of the payer and recipient.
Bank accounts can be a designated trading account or a checking account, or a savings account.
The automated clearing house allows payers to choose either the standard ACH processing time for the next day (which can take from 2 to 4 days), or faster Same Day ACH processing for ACH settlements.
Same Day ACH uses four time windows with the time of Nacha shutdown, depending on when ACH transactions are submitted to the ACH operator from ODFI.
Standard ACH payments are often referred to as “three-day financing” because 72 hours is how long it usually takes to process ACH payments. It is during these three days that the verification process takes place.
The purpose of the check is to make sure that there are funds in the client’s account; this reduces the risk that the ACH processor will credit funds to your account and then be forced to debit them from your account due to the lack of funds in the client’s account.
The Same Day ACH actually means the same business day if an electronic payment is requested during the first three time windows, or the Next Day ACH if an ACH payment is requested after the set shutdown time. Next Day ACH means the next business day.
Starting from March 18, 2022, Nacha will increase the limit on one transaction for the Same Day ACH to $1 million from $100 thousand.

Benefits of ACH payment processing
There are many reasons why entrepreneurs should use ACH payment processing:
- Providing payment options for your customers is always beneficial for business, and also makes the customer more loyal to your company. Offer your customers an alternative to credit cards and checks.
- Offer lower fees – Among the different types of payments,
- ACH payment processing offers the lowest processing fees. ACH payment processing will cost your business less than processing payments using paper checks or bank cards.
- With the check processing service, payments become safer and faster.
- Fewer rejections – ACH payment processing has no expiration date like credit or debit cards.
- When ACH checks are processed, payments are sent on behalf of customers, which saves time on recurring payments.
- Convenience – No more need to store paper invoices and paper receipts. There is no need for constant trips to the bank.
- With ACH payment processing, businesses can accept checks as easily as credit cards.
How to Make an ACH Payment via the ACH Network?
Creating a business environment that supports ACH transfers is very simple. Most sellers already accept them, especially online businesses. These payments are safe and reliable.
First you need to decide whether the ACH payment option will be one-time or recurring. A one-time ACH payment can be made as an ACH debit or credit transaction.
After you provide your ACH operator with information about the supplier’s account, you will be able to transfer funds to his account electronically.
You must give permission to the provider to electronically withdraw funds from your account.
If it will be a recurring payment, you must provide permission for the date and amount of funds that can be withdrawn.
If the amount differs from one payment to another, this will be indicated on the ACH registration form.
Make payments via the ACH website:
If you buy goods from sellers on the Internet, you can make payments via the ACH WEB method, and not via PayPal.
Most merchants prefer WEB ACH payments instead of PayPal payments due to PayPal’s high transaction fees.
Accepting PayPal payments costs the seller a certain percentage of the total transaction amount.
For example, if the percentage is 3%, then PayPal will withhold $3 for every $100 transaction.
With payments via ACH WEB, the seller is likely to pay only from 25 cents to $5 per transaction, which is much cheaper for large transactions.
Use computer or terminal payments:
For businesses that usually process payments by phone or mail, a virtual terminal or processing service can be used to process ACH payments. Access to the virtual terminal can be obtained using a computer or mobile device. You enter the account number and the supplier’s routing number and initiates the transaction.
Which Businesses Should Use ACH Payment Processing?
Companies of all sizes, including small businesses, should use ACH payment processing and accept ACH payments from customers as it is easy to use and costs less than other payment methods. Choose the best ACH payment processing solutions for your business.
It’s important to take the time to look at the big picture. For example, processing a receipt costs nothing.
But how much do you pay a person for going to the bank every day? A 360-degree business overview will help you make a decision.
Best ACH payment processing
Wellcoinex provides innovative and modernized check processing services that provide high flexibility in accepting electronic check payments, reducing overhead costs for various things, such as daily trips to the bank, paperwork, printing checks, etc.
Our ACH payment processing services allow you to withdraw funds from the client’s checking account, regardless of whether the receipt is physically present.
With Wellcoinex E-check payment processing services, you will have flexible payment processing capabilities that allow you to accept electronic check payments. This will allow you to increase sales and reduce the cost of paper receipt processing services.
With check processing services, you will never have to give up a paper check as an inconvenient payment method for you.
Make payments easy and simple by integrating a cheque reader to deposit electronic cheques into your bank account.
The ACH payment processing service from Wellcoinex is convenient, efficient and easy to use. We provide a high level of protection against fraud and invalid checks.
Great services combined with first-class technology to provide you with the best ACH payment and check processing services – that’s what Wellcoinex is.
Increase your sales with minimal risk with our receipt processing service! Contact our team to learn more about ACH and credit card payment processing services!
Exchange currencies using QuickBooks Payments
QuickBooks Payments what is it
QuickBooks Payments is a payment processing service offered by Intuit, the company behind the QuickBooks accounting software. It allows businesses to accept credit and debit card payments, ACH payments, and e-check payments directly within the QuickBooks software.
This allows businesses to easily process transactions, track payments, and reconcile their accounts without having to use multiple systems. Additionally, QuickBooks Payments can be integrated with other QuickBooks features, such as invoicing and inventory management, to streamline the accounting process.
The history of QuickBooks Payments
QuickBooks Payments is a relatively recent addition to the QuickBooks product line, having been first introduced in the mid-2000s.
At that time, the service was known as Intuit Payment Solutions and was primarily focused on providing businesses with a way to accept credit card payments. Over time, the service has been expanded to include additional payment options such as ACH payments and e-checks.
In 2016, Intuit rebranded the service to QuickBooks Payments, to better align it with the QuickBooks brand. The rebranding also saw the introduction of new features such as the ability to send recurring invoices and to set up recurring payments.
In 2018, Intuit added several new features to QuickBooks Payments, including the ability to process payments in multiple currencies and to issue refunds directly from the QuickBooks software.
As of 2021, QuickBooks Payments continues to be an integral part of the QuickBooks ecosystem, providing businesses with a convenient, easy-to-use payment processing solution that is seamlessly integrated with the QuickBooks software.
How QuickBooks Payments works
QuickBooks Payments works by allowing businesses to accept credit and debit card payments, ACH payments, and e-check payments directly within the QuickBooks software. To use this service, merchants must first sign up for a QuickBooks Payments account, which will ask for basic information such as business name, contact information, and bank information.
After opening an account, businesses can begin accepting payments by creating an invoice or sales receipt in QuickBooks and including a “Pay Now” button on the invoice or receipt. The customer can then click a button to make a payment, which opens a secure payment gateway where they can enter their payment information.
The payment gateway is integrated with QuickBooks software, so once a payment is processed, the transaction is automatically posted to the QuickBooks business account. This makes it easier for businesses to track payments, balance accounts and manage their cash flow.
QuickBooks Pay also allows businesses to schedule recurring payments, process returns, and accept payments in multiple currencies.
Additionally, businesses can use QuickBooks Pay to process payments online, pay over the phone, or pay in person through QuickBooks Point of Sale.

Can QuickBooks Payments be trusted
QuickBooks Payments is a payment processing service offered by Intuit, a reputable and well-established financial software company. Intuit is a publicly-traded company that has been in business for over four decades and is known for its reliable and secure financial products.
Additionally, QuickBooks Payments is PCI-compliant and uses industry-standard security measures to protect sensitive customer information, such as encrypting data and regularly monitoring for suspicious activity.
QuickBooks Payments is also a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, CA. and is compliant with the Payment Card Industry Data Security Standards (PCI DSS).
That being said, as with any financial service, it’s always recommended to do your own research and due diligence before signing up. Make sure to read the terms of service, privacy policy, and other relevant information provided by the company, and consider any additional security measures that may be necessary for your specific business.
It is also worth noting that customer reviews on the service have been mostly positive, with many praising its ease of use and integration with the QuickBooks software.
Does QuickBooks Payments charge a fee
QuickBooks Payments charges a fee for its payment processing services. Specific fees will vary depending on the type of account you have and the type of payment you accept. In general, there are two types of fees associated with QuickBooks Billing: transaction fees and monthly fees.
A transaction fee is charged for each individual payment processed through the service. These fees may include a percentage of the total payment amount and a flat fee per transaction. The exact fee will depend on the type of card or payment method used and whether the payment is made online or in person.
In addition to transaction fees, businesses may also be charged a monthly fee for using QuickBooks Billing. This fee may vary depending on the plan and service selected.
It’s important to note that fees are subject to change and you should always contact Intuit for the latest prices. You can also compare with other payment processors to see which offers the best deal for your business.
It’s also important to note that QuickBooks Premium offers a free trial period, allowing you to try the service without paying any fees. This is a good way to get a feel for the fees and determine if the service is right for your business.
Can I exchange currencies using QuickBooks Payments
Yes, QuickBooks Payments allows businesses to accept payments in multiple currencies. This means that businesses can receive payments from customers in different countries and have the funds automatically converted to the currency of their choosing. The currency conversion is done at the time of the transaction, at the market exchange rate.
It’s important to note that currency conversion may come with an additional fee, which is known as a foreign transaction fee. This fee can vary depending on the country and the payment method used, and it’s added to the total transaction cost.
When you set up your QuickBooks Payments account, you can choose the currencies that you want to accept. Once you’ve selected the currencies, QuickBooks will automatically convert payments received in those currencies to your home currency, at the current exchange rate.
Also, it’s worth noting that the currency conversion feature is only available for online payments, not for in-person payments and the feature is only available for certain countries and regions. Be sure to check with Intuit for the latest information on which countries are supported.
QuickBooks Payments supports a wide range of currencies for online payments, but the list of currencies that can be accepted may vary depending on the country and region.
Some of the currencies that are generally supported by QuickBooks Payments include:
- US dollar (USD)
- Canadian dollar (CAD)
- Euro (EUR)
- British pound (GBP)
- Australian dollar (AUD)
- New Zealand dollar (NZD)
However, the list of supported currencies is subject to change and may vary depending on the country and region. It’s always recommended to check with Intuit for the latest information on which currencies are supported in your area.
It’s also worth noting that the currency conversion feature is only available for online payments, not for in-person payments and the feature is only available for certain countries and regions.
Still not sure whether to use QuickBooks Payments? You can always use WELLCOINEX instead of QuickBooks Payments! We protect your privacy and help you to exchange your money fast and safely!