![]() ![]() EFT stands for “electronic funds transfer.” We include this definition here because an e-check is one type of EFT.You can find out more about e-checks and how they work on our blog. The key financial identifiers supplied by checks, both online and off, are the amount of the payment, the bank routing number, and the account holder’s bank account number. Like their paper counterparts, e-checks enable the transfer of funds directly from a payer’s checking account to the receiver’s bank account. E-checks are the digital equivalents of traditional paper checks (the “e-” is short for “electronic”).Read our blog post to learn more about how payments move through the ACH Network. The ACH Network transfers funds from one bank account to another through a centralized system. ACH stands for the Automated Clearing House, an electronic payment network that dates back to the early 1970s.At this point, a few definitions are in order. So while all e-checks are ACH payments, not all ACH payments are e-checks. E-checks and ACH payments have a similar relationship.Īn e-check is a type of ACH payment - but not the only type. Geometry teachers will point out that while all squares are rectangles, not all rectangles are squares. Sign up for a free account to start collecting payments instantly. Jotform offers 30+ payment processors, giving you more ways to get paid online- including by e-check or ACH.
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