Automated Clearing House, or ACH, is a network that processes electronic financial transactions. You’re likely already using it to pay bills, submit your payroll, and more.
And as convenient as ACH already is, here’s something even better:
But what does that mean for you and your business? Here’s how you can use Same-Day ACH to your benefit.
Today if you need to move money and make payments quickly, you might send a wire transfer – a wire transfer that will cost both you and the recipient of the funds. While Same-Day ACH does come with a cost, it’s a much smaller fee.
Additionally, if you’ve ever realized that – oops! – you have a payment due today that you haven’t submitted yet, you can avoid a late fee by using Same-Day ACH to make your payment.
With Same-Day ACH, you can keep funds in your account longer and take advantage of payment discounts, resulting in improved cash flow!
Keep your Money Protected
When you send a wire transfer, it’s pretty close to being irreversible. So, if you ever make the payment by mistake – either sending to the wrong account or in the incorrect amount – you might be out of luck.
ACH, on the other hand, offers reversal options to attempt retrieval of erroneous entries.
And if you think checks might be the way to go to keep your funds protected, think again. Checks are actually more susceptible to fraud than electronic payments.
Get Paid Faster
Debit your customer’s account today and get paid (you guessed it!) today with Same-Day ACH to have funds into your account faster than with traditional ACH.
Make Payments Faster
Ever forget to submit a payroll file on time? If so, you know the headache and stress that goes along with it. How can you get your employees who rely on you paid on time? And how can you do it without costing your business big fees for wire transfers or other more costly payment types?
Same-Day ACH to the rescue! Rather than sending multiple wires, or even worse, delaying your employees’ pay, use Same-Day ACH to submit your payroll file.
Not only that, but Same-Day ACH may offer your business recruitment and retention capabilities by allowing you to offer faster payments for hourly or temporary workers, and even for bonuses.
Sometimes, something comes up and you absolutely need to get a payment out today – a payment to a vendor, for example. Use Same-Day ACH to ensure your payment goes out quickly and arrives at the receiving bank that day.