Ach payment debit vs credit3/28/2024 One of the key integrations that adds immense value to our platform is with Actum Processing. With our platform, you can improve your decision-making process, manage risk more efficiently, and provide a seamless experience to your borrowers. Built on robust technology, LendSaaS delivers powerful solutions that help you manage the entire lending lifecycle, from MCA origination and underwriting to servicing and collections. LendSaaS is a dynamic lending platform designed to streamline and enhance your MCA origination and servicing processes. In addition, for software companies, we support a Credit Reserve API that enables you to display an up-to-date balance as a reference point for your clients.įor more information about ACH Debit and Credit processing with Actum, we invite you to Contact Us. Plus, we support Same Day ACH Credits and Debits, which can help you speed up your accounts receivable. With Actum, you can submit your ACH Credit and ACH Debit submissions for processing around the clock. Batch upload via shared SSH File Transfer Protocol (SFTP).Through our robust and easy-to-integrate API.Processing ACH Credits & ACH Debits with ActumĪctum offers flexible processing methods which gives merchants a choice to submit ACH Debit and Credit transactions one of three ways: While not all merchants will utilize ACH Credits, the ones that do, understand that they must maintain a Credit Reserve Balance in their merchant account to fund their submitted Credit transactions. It’s important for merchants to note that ACH Credit transactions must be pre-funded. You’d provide your name, bank account number, transaction amount, etc., and your employer could then transfer funds to your account on a recurring basis. To provide another real-world example from a consumer’s perspective, imagine that you’re receiving funds that you enrolled in through your employer’s direct deposit. What is an ACH Credit and how does it work?ĪCH Credits happen when money gets deposited into a Receiver’s account rather than being deducted like an ACH Debit. You’d provide your bank account, routing number and authorization to your utilities service provider to initiate an ACH Debit, and they’d then be able to withdraw funds from your account each month. Imagine that you’re setting up your monthly utilities payments (a frequent use case for this transaction type). To better understand how ACH Debit processing works, let’s examine a real-world example from a consumer’s perspective. (For a deeper dive into this process, check out our post ACH 101: Understanding the Automated Clearing House.) An ACH Debit starts when a customer provides routing and account information to a merchant and authorizes them to make a transaction. They’re used by merchants to pull money directly from customers’ accounts. What is an ACH Debit and how does it work?ĪCH Debits are the most common ACH transaction type. Whether you’re processing payroll or setting up recurring billing, this post will help you better understand the ins-and-outs of ACH Credit vs ACH Debit during ACH transfers. When one of these transfers occurs, it’s known as an ACH Credit or ACH Debit.Īs ACH industry veterans, we help thousands of businesses connect to the fast-growing ACH Network every day. \When you’re processing an ACH transaction, you’re sending or receiving electronic payment data across the ACH Network.
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