Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. In 2015, this network processed nearly 24 billion ACH transactions with a total value of $41.6 trillion. Credit card payments are handled by separate networks.ACH processes large volumes of credit and debit transactions in batches. Credit transfers include direct deposit, payroll and vendor payments, direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills and debit transfers also include new applications such as the point-of-purchase (POP) check conversion pilot program sponsored by NACHA. Both the government and the commercial sectors use ACH payments. Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards.
And now that includes Diamond Comic Distributors. At the retailer breakfast meeting this morning, at New York Comic Con, Diamond representatives announced that they would be accepting ACH online payments rolling out soon from comic book stores. It may not mean a lot to everyone. But to retailers, it could be the best thing since Marcel decided to relaunch the X-Men and give that Canadian fellow from the Hulk a new home.
You can catch up more from this morning’s breakfast meeting right here.