According to Bank of America internal card data, total payments per small business client, which includes ACH, cards, wires, checks and person-to-business payments, contracted by 8% year-over-year (YoY) in April.

Poster Comment:

SEE GRAPH. Looks like recession is on the way.

An ACH is an electronic fund transfer made between banks and credit unions across what is called the Automated Clearing House network. ACH is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments.