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P2P payments, such as Venmo, PayPal and the Cash App, are popular among consumers. Since this trend continues to gain traction, many small businesses are also implementing this option for their customers. For example, think of an eCommerce business—accepting EFT payments is table stakes for this businessmodel.
TL;DR Recurring payments refer to a financial arrangement where a customer authorizes a business to charge their account at regular intervals for products or services. There are a few types of recurring payments to be aware of, which one your business uses will depend on the businessmodel and need for recurring or automatic payments.
Popular digital wallet brands include Apple Pay, Google Pay, Samsung Wallet, PayPal Digital Wallet, and Venmo. ACH and bank transfers An ACH (Automated Clearing House) payment is an electronic transfer of funds from your customers bank account to your business account using the ACH network.
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