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ACH Processing Missouri

In today's hectic world, there is a lot of pressure to do things quickly, which means that electronic payments really do come in handy. Most people love to pay for things electronically, using debit or credit cards, money transfers, or e-cash systems like PayPal. Writing paper checks for payment is seen as old and archaic by many, and too time consuming and costly. Why leave such a paper trail when everything can just be tracked electronically? Despite the resistance, some people still prefer checks, so there are now ways that you can pay for things with a check electronically, called an e-check. The system used to process electronic payments is called ACH.
1. Local Companies
2. What is ACH?
3. Advantages of ACH
4. ACH Bounced Checks
5. Featured Local Company

1. Local Companies

The Conley Financial Group@Crane
314-444-4850
100 S. 4th St
St.Louis, MO
Merrill Lynch
(314)290-5718 or 888-597-7867
8235 Forsyth Blvd, 15th Floor
Clayton, MO
Merrill Lynch
314.290.5751 or 888.597.9738
8235 Forsyth Blvd
St. Louis, MO
Pinnacle Financial Services
314-628-0200 x324
424 Woods Mill Rd
Chesterfield, MO
Commercial Bank
(314) 434-4141
2330 West Port Plaza Drive
St. Louis, MO
Davis Associates, CPA's
314-653-0008
4119 N. Hwy 67
Florissant, MO
AMERICA'S ASSURED MORTGAGE, LLC
816-679-6784
4520 Madison
Kansas City, MO
Senior Resource Group
(573) 302-7212
1219 Highway Kk
Osage Beach, MO
Boone County National Bank
(573) 874-8446
Columbia, MO
Freund & Company Lc
(314) 726-3399
530 Maryville Centre Dr
Saint Louis, MO


2. What is ACH?

As already noted, ACH is the system used to process electronic payments such as electronic checks and bank account debits. The initials ACH stand for Automated Clearing House. The ACH system is only used in the United States and Puerto Rico. All other countries have similar systems, but they are named something different and are of course on different servers. Though the ultimate goal is to have the whole world on one uniform system (or at least ones that can interact well together), there are a lot of logistics problems with this.

ACH has a lot of advantages for certain businesses. Not only does it secure a payment much faster than a paper check, it does so with far less fees as well. Though credit cards and debit cards (or of course cold hard cash) are truly the quickest ways to pay, there are quite a few advantages to using ACH over them as well. We will get into those advantages in the next section.

It is also noteworthy, before we move on, to say that ACH is often used interchangeably with EFT, or Electronic Funds Transfer. Though they are similar in that money changes hands electronically, an EFT is generally done with a machine such as an ATM machine, or with the debit card payment machines you swipe your card through at a retail register.

3. Advantages of ACH

ACH check processing is much easier than a paper check, which is perhaps the biggest advantage of one over the other. Not only does it take less time to process, but you also need far less manpower to process an ACH electronic check. Imagine if your business took nothing but paper checks – you would need either extra employees to sift through and account for them, or keep those employees longer (and risk costly overtime payments) in order for them to handle the paper checks in addition to whatever their regular duties may be.

There is also the cost of postage and/or mileage when dealing with paper checks. You will need to pay an employee to go and deposit the checks into your bank account, then wait for them to clear, or pay for them to be mailed to your financial institution. Both of these can be costly when added up.

There is also the cost and time it takes when a check is returned. If a check is returned, it could mean that you would overdraw your account and end up costing you more money than expected. Another great advantage of ACH electronic check processing is that you don't have to worry about counterfeit checks or forged signatures like you would with a traditional paper check.

4. ACH Bounced Checks

Even though ACH electronic checks are processed electronically, it does not mean that some of the same risks involved with traditional paper checks don't still remain. The biggest of these risks is the possibility of bounced checks. Even if you run a check or payment electronically, this does not mean the money comes out automatically, like with an EFT (which is another reason the two acronyms are not always interchangeable).

With an ACH transaction, the money can still be in the account for 2-3 days, with the fourth or sometimes even fifth day being the one where the money will actually transfer from the customer's account to yours. Of course, the money will transfer from one account to the other as long as there are sufficient funds. If there are not sufficient funds after the processing period takes place, your ACH electronic check will promptly become a bounced check.

5. Featured Local Company

Commercial Bank

(314) 434-4141
2330 West Port Plaza Drive
St. Louis, MO
www.commercialbank-stl.com

Commercial Bank's focus is on relationship banking by combining "personalized" friendly service with the latest banking technology. We continue to grow and offer the services that meet our customer's needs while maintaining our community atmosphere.

Read more about ACH Processing

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