TreezPay enables 3 common types of electronic payments:
ACH is an electronic fund transfer made between banks and credit unions across the Automated Clearing House network. These payments use a financial network in the United States to transfer funds directly from one bank account to another without using paper checks, credit card networks, or wire transfers. If you pay your bills electronically or receive direct deposits, you are already most likely using the ACH network. Funds from ACH or EFT payments usually become available in 3 to 5 business days.
A PIN-debit transaction is an online transaction that is a password-protected payment method that authorizes a transfer of funds over an electronic funds transfer (EFT). These payments are directly linked to a user's bank account and usually require a unique PIN (personal identification number) to complete a transaction. These transactions are accurate to the penny and don’t need to round up. Funds for collecting debit card transactions are usually processed within 24 hours of the completion of a transaction.
Cashless ATM payments enable a customer to make a purchase with a debit card in the same way as they would make an ATM transaction to withdraw cash. These types of payments are also known as point-of-banking and rely on the existing payment networks to pull funds from a debit or credit card using a four-digit pin. The transaction works similarly to withdrawing funds from a physical ATM but skips the step of actually pulling physical cash from a machine. The transaction shows up on the customers’ bank statement as an ATM withdrawal. Funds for cashless ATM transactions usually appear within 3 days. The round up increment is $10 for this type of transaction. Although this has been a popular payment processing solution for dispensaries, there are potential fees and risks involved.