Is there any ACH payment gateway services available like credit card payment gateways where we get success/failure(insufficient fund/invalid account details) instantly.
+1
A:
No. Banks do not process in real time, so an overdraft would not be identified until after their processing cutoff. Even then, different banks have different policies; some may positive pay an overdraft if the account is not frozen or in the process of being closed. A decision might not be made until one or more business days afterwards, and the final decision is often made by a human. Since a draft is usually cross-cleared, (say the gateway uses Fifth Third, and the draft is on Wells Fargo) the gateway would not even know if the account details were correct. It is illegal to share that kind of information between banks.
R Ubben
2009-05-14 16:02:58