There are numerous different types of payment systems, such as credit cards, checks, wire transfers, bank drafts, point of sale machines, as well as many others. The World Wide Web offers the following definition for what a payment system is: The generally accepted method of payment for trade in an economy.
Consumers worldwide use payment systems everyday when conducting daily activities such as shopping and paying bills. If you use an ATM card, or a credit card to pay for goods and services, or to pay your bills, it is important to understand what an ACH is all about.
ACH, which stands for automated clearing house, is actually an electronic banking network that operates only in the United States. This network processes huge amounts of electronic payments, such as debit and credit card transactions. The automated clearing house also processes payments to individuals such as the direct deposit of their paychecks, direct deposit of tax refunds, as well as other government benefit checks.
Consumers use this particular payment system to execute payments for their mortgages, car insurance, health insurance, utility bills, and many other bills that are paid on a...
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