The Automated Clearing House (ACH) network has grown immensely. The first half of 2021 witnessed over 291 million debit and credit Same Day ACH payments, which made up $439 billion. If you’re interested in ACH debit and the growth of the ACH network, stay on the page.
The Move Toward Faster Payments: ACH Debit
The Automated Clearing House network processes over 25 billion ACH transactions yearly. This is an electronic network of banks and financial institutions backing both ACH credit and debit payments in the U.S.
The last five years have witnessed tremendous growth in Same Day ACH as a faster payment solution. Now, Same Day ACH represents nearly 2% of total ACH volume. It’s undergone more than one enhancement since its launch in September 2016. The dollar limit will further increase in March 2022. As a result, the dollar limit for Same Day ACH will reach $1 million per payment.
Payments are modifying radically. Expectations for faster payments go on climbing. If you’re interested in ACH debit, consider working with an expert payment processor that can help you with secure and faster payments.
Make sure the offered rates are among the most competitive. Also, see whether the merchant processor delivers advanced payment processing services so you can fight the growing competition in the field.
How Same Day ACH Can Help to Make a Difference
Since the early 1970s, ACH payments have grown into one of the most famous and efficient ways to transfer funds electronically. Here’s how this payment processing method can help with transfers:
- Wider adoption and larger transaction types representing bill payment and account-to-account transfers both for consumers and merchants: billers are opting for ACH payments more and more often.
- Same Day ACH help with collecting funds faster.
- Faster insurance claims and disaster relief payments.
- Immediate payroll processing.
The IRS has used Same Day ACH to pay more than 430,000 beneficiaries of Advanced Child Tax Credit payments.