According to the Electronic Payments Association, consumers save both time and money paying electronically rather than writing paper checks.Consumers who pay bills online save the least 90 minutes a month off the time it takes to pay monthly bills by paper check. An average consumer paying bills..
How are ACH Transactions Classified?This article provides information on the classification codes associated with ACH processingACH Classification CodesThe Standard Entry Class (SEC) code is a three letter code that identifies the nature of the ACH processing entry. Here are some common SEC..
Check cashing stores are still the primary source of financial services for underbanked or unbanked consumers. According the the Aite Group, this group of consumers seldom use electronic payments. Instead, they rely on more traditional payment methods such as cash, checks and money..
Prepaid cards for general use have been marketed with the idea that the cards could be reloaded. But, according to Mercator Advisory Group, many people who have the cards were not aware that the cards were reloadable. And even if people knew the cards could be reloaded, only 11% of card holders..
Send Bank Deposits with Your Cell PhoneConsulting firm Mercatus surveyed US mobile banking customers on how likely they would be to use Check 21 remote deposit capture through a mobile phone. Not surprisingly, 66% of those age 26-34 and 69% of those 35-44 said they would use the service if it was..
According to report from the Mobile Marketing Association and Luth Research , 17% of adults in the US use mobile banking. The report predicts that by the end of 2010, this number will increase to 22%, representing a 30% year-over-year rise in mobile banking users.Other findings from the report..