9 Questions
Which step in the ACH debit transaction process involves the payer sending the ACH payment information and authorization to the payee?
Step 1
Which step in the ACH debit transaction process involves the payee submitting the payment information to its financial institution?
Step 2
Which step in the ACH debit transaction process involves the ACH operator routing the transaction to the receiving financial institution?
Step 3
Which step in the ACH debit transaction process involves the funds being made available to the payee and the payer's account being debited?
Step 5
Which type of ACH transaction has shown the most significant growth in recent years?
ACH check conversion Account receivable (ARC) entries
What percentage of all ACH transactions did ARC account for in 2006?
16%
Which type of ACH transaction allows merchants to collect checks in batches and convert them into debits through the ACH at a central location?
Back Office Conversion (BOC) entries
Which type of ACH transaction is an alternative to providing a credit card or signature-based debit card number?
Internet-originated (WEB) ACH payments
Which type of ACH transaction involves re-presenting a physical check as an ACH entry after it was returned due to insufficient funds?
Re-presented check (RCK) entries
Test your knowledge on ACH debit transactions and learn about the steps involved in a typical recurring monthly insurance premium remittance.
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