Same-day ACH and what it means for your business
ACH transactions are an ideal way to process and receive payments, but that often comes at the expense of time. That’s not the case with same-day ACH.
How often do you go to review your financial books and realize you’re waiting on a check to clear or be processed? Sometimes that delay is on your end and other times it’s out of your control. No matter the reason, waiting to get a clear picture of your finances isn’t wonderful.
With same-day ACH your business gains the ability to move both incoming and outgoing cash faster. Not only do you gain a clearer view of your daily finances, but you also receive flexibility you didn’t know you would appreciate. The National Automated Clearing House Association (NACHA) identified 63 potential uses for same-day ACH transactions. Here are the top four you may find beneficial.
• Same-day payrolls – Provides faster access for employees to their pay, helps you pay hourly workers, and also gives flexibility for late and emergency payrolls and missed deadlines. Not to mention, electronic payments combat paper payroll checks and payroll reversals due to error in the payroll process.
• Business-to-business payments - Complete invoice payments between trading partners faster to accelerate how quickly you receive what you purchased or ship what you sold.
• Expedited bill payments used for ACH Credits and Debits - Make supplier payments on due dates, and be credited faster for late payments; examples include mortgage, utilities, credit cards, and others.
• Account-to-account transfers – Move money faster among various accounts owned by a single organization or consumer.
Jefferson Bank is here to improve the efficiencies of your fund collections and automate your receivables and payments processes.
