Payment group: Direct debit
Payment product id: 730
Direct Debits for US consumers are processed via ACH (Automated Clearing House), an electronic network for financial transactions. The product is also known as eChecks, as an electonic equivalent of traditional checks. The direct debit schemes are regulated by the National Automated Clearing House Association (NACHA) and can be used both for one-off transactions and recurring transactions.
- Transaction fees are fixed per transaction and as a result in most cases lower than credit card fees.
- Transaction fees for consumers charged on wire transfers do not apply for ACH Direct Debits and make it an attractive Bank Transfer replacement for consumers.
- The required actions from consumers are limited to providing the account details and accepting the Terms & Conditions of the ACH Direct Debits, making it a convenient checkout experience.
- The product supports both one-off and recurring business models.
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