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ACH originators should keep POA forms for two years after the date of the last transaction. It's up to the company whether they retain the form in paper or scanned/electronic format, but regardless, it's helpful to develop a retention system whereby you can easily produce all relevant supporting documentation.
ACH payments have a number of advantages over credit cards. They typically have lower processing fees and there's no expiration date to worry about if you're processing recurring payments. There are some downsides as well, however, and one of them will already by familiar to you.
An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due. You can revoke this authorization.
When obtaining over-the-phone authorization, you must include the following with the script: Date of debit. Payer's name. Payer's contact number. The amount or how the amount is determined. Account that will be debited. Checking or savings account. Account number. Routing number.
To receive an ACH payment, you need to provide your bank's routing number and the account number for the checking or savings account you want the money deposited into. With some companies, you may also need to sign an ACH authorization form; your client should provide that if it's required.

People also ask

An ACH settlement time, or \u201csettlement period\u201d is a predetermined number of banking days that payment processors hold onto your ACH Debit funds before they get deposited into your bank account. (It's important to note that settlement periods do not apply to ACH Credits.
An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due. You can revoke this authorization.
According to NACHA, the requirements for filing an ACH Authorization Form are: Business or customer name. Email address for online payments. The name of the bank. Amount. The type of account. Account number. Type of transaction. Statement for permitting future debits with a disclaimer that the transaction is revocable.
ACH entries are irrevocable once they have been sent for processing. Obtain proper authorizations, dependent upon the transaction type, and retain authorizations for two years past revocation (See \u201cConsumer Debit Authorizations\u201d).
An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due. You can revoke this authorization.

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