Merchant Card Service - Check Services - ACH Processing

Automated Clearing House (ACH) Processing  

• ACH payments have increased over 500% since 1979. the federal Reserve study noted that ACH, processing is poised for meaningful growth.
• The number of ACH payments originated by financial institutions increased to 8.05 Billion in 2002, up 13.6% from 2001. These payments were valued at $21.7 trillion. Including payments originated by the Federal government, there were a total of 8.94 billion ACH payments in 2002 worth more than $24.4 trillion.
• Over 115 million consumers and over 4 million businesses utilize the ACH Network.
• In 2001, 18% of all ACH transactions represented business to business payments, 78% business to consumer or vice versa, and 3% were new ACH products such as check conversion, e-checks and represented checks.
• IT is projected that by 2006 ACH transactions will exceed 15 billion.
• More than 200 million e-checks were processed in 2001. E-checks debit the consumers bank account to pay for goods or services through the ACH network.
• In 2001 there were 88.7 million e-checks processed at the POS, 74.6 million originated from the Internet