ACH Records Set
According to a Press release put out by NACHA (governing body of ACH), ACH payments are continuing to set new records amid this pandemic era.
We are seeing consumers and business' alike making the transition from physical checks to electronic alternatives.
A record number of 2 billion payments, yes, BILLION, were added in 2020. That equated to approximately 26.8 BILLION payments made via ACH in 2020, an 8.2% increase over 2019! For the last six years consecutively, ACH payments have increased but in 2020, records were set....presumably because of COVID-19.
That being said, a part of the record growth could well be attributed to the relief checks sent by the United States government, however, it is still an impressive number.
Top 4 Areas of Increase
Direct Deposit of salaries and wages, benefits and assistance payments, and other disbursements from organizations to individuals, increased 12% to more than 8 billion payments
Person To Person
Person-to-person payments and transfers increased 42% to 218 million;
Internet-initiated consumer payments for bills, account transfers, and other payments increased 15% to more than 7.7 billion payments
Business-to-business payments for supply chain, vendor payments, bills and other transfers increased by almost 11% to 4.4 billion
Not accepting ACH? You need to!
If you have been putting off accepting digital payments....the time to do it is now. Start the process and start accepting both ACH and credit cards in as little as 48 hours....it's SIMPLE