More and more consumers and businesses are using some form of electronic payment. But many people don’t know enough about it. Most Americans are now exposed to some type of electronic transaction when getting paid, making purchases or paying their bills. In fact recent data published by the Federal Reserve Banks predicted that by next year, the Fed’s ACH (automatic clearing house) volume would equal its check clearing volume.
With this in mind, an industry group, led by NACHA (The Electronic Payments Association), has launched a new, interactive Web site to educate consumers about the benefits of using electronic payments. I also wish they would write about the DANGERS of electronic payments.
The Web site, www.electronicpayments.org, contains information on Direct Deposit and Direct Payment and also defines check conversion and discusses how it differs from other types of electronic payments.
“Our new Web site will make it easier for consumers and companies to understand the benefits of moving to electronic payments,” said Mark Tizzard, Vice President of Strategic Migration, Wachovia Bank, and 2006 Chairman of NACHA’s Marketing Management Group. “This Web site was designed for the interested consumer, yet also provides robust information for businesses and financial institutions. It is a one-stop location for all ACH payment information.”
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