ACH processing and Echecks are popular methods of payment.  In the case of the latter, funds are drawn from your checking account without the need for writing a check.  The information is sent through a computer and the entire process is similar to writing a check.  An echeck is nothing but EFT or electronic funds transfer because even in this case money gets drawn electronically from your bank account.  Through this method you can send payment speedily to an entity or a person. However the funds may remain in the account for 2-3 days during the processing of payment.

The aforesaid are some of the payment types which are easier and convenient and did not exist in the past. Through these payment methods receiving and sending money becomes easier regardless of differences in currency or distance. In a few minutes of time you can send money to any person living anywhere. You can also deposit money in a few days time into their account.  This is very convenient as transactions and account balances can be tracked easily by people everywhere. Both ACH processing and echecks are inter linked and are used by people all over the world to give and get payments for the products and services received and sent by them respectively.