EFT Mavens Cite Flaws in Check Processing
EFT Mavens Cite Flaws in Check Processing
It seems no matter how hard ACH supporters try, they must acknowledge that checks are here to stay.
New research commissioned by the National ACH Association suggests banks can slash processing costs by 45% when customers use ACH debits in lieu of checks.
The research conducted by Payments Systems Inc., Tampa, Fl., indicates that processing costs for financial institutions receiving ACH debits range between 3 cents and 87 cents, compared with a cost of between 6.5 cents and 13 cents for processing checks.
Despite the savings promised by ACH, checks still dominate the payment activities of Americans.
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