Preauthorized Electronic Debits (PADs)

Preauthorized Electronic Debits (PADs)
Payer authorized advance debits to his bank account. Payer bank forwards the payment amount to receiver’s account via an automated system through the ACH.

Related posts:

  1. Preauthorized Checks (PACs)
  2. Electronic Depository Transfers
  3. EDI- Electronic Data Interchange
  4. Electronic Currency Trading
  5. Clearing House Automated Payments System (CHAPS)

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