In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei
If your company does any kind of eCheck ACH processing you'll want to get familiar with at least a couple of these return codes from NACHA. Return Code Description R01 Insufficient Funds R02 Account Closed R03 No Account/Unable to Locate Account R04 Invalid Account Number R05 Unauthorized Debit to Consumer Account R06 Returned per ODFIs Request R07 Authorization Revoked by Customer R08 Payment Stopped or Stop Payment on Item R09 Uncollected Funds R10 Customer Advises Not Authorized R11 Check Truncation Entry Return R12 Branch sold to another DFI R13 RDFI not qualified to participate R14 Representment payee deceased or unable to continuein that capacity R15 Beneficiary of account holder deceased R16 Account Frozen R17 File record edit criteria R18 Improper effective entry date R19 Amount field error R20 Non-Transaction Account R21 Invalid company identification R22 Invalid individual ID number R23 Credit entry refused by receiver R24 Duplicate entry R25 Addenda error R26 Mandatory f