E-Payments Facts

Electronic payments, much like other facets of the source-to-settle process,
are sought-after forms of exchange due to their speed, quality, and depth -
all factors which trump the old-school mindset of manual and paper-based
systems of payment processing (i.e., checks). Electronic payment methods
have historically evolved into three key systems:
∙ Automated Clearing House (ACH) is designed for bulk payment services, such as
direct debit or credit, and payroll
∙ Commercial card systems are programs that support usage of credit and debit card
products and are available in various "flavors," such as p-cards (purchasing cards), travel
and entertainment (T&E) cards, and fleet cards
∙ Wire transfer is often considered the most expedient method for
transferring funds between accounts, wire transfer is typically used
for high dollar-value and immediate settlement transactions for enterprises