Preauthorized electronic debits (PADs)

Debits to its bank account in advance by the payer. The payer's bank sends payment to the payee's bank through the _ACH)Automated Clearing House (ACH) system.

Similar financial terms

Preauthorized checks (PACs)
Checks that are authorized by the payer in advance and are written either by the payee or by the payee's bank and then deposited in the payee's bank account.

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Systematic

Common to all businesses.


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