Same-Day ACH and Your Business
A typical ACH transfer would take until the following morning before clearing, but with Same-Day ACH debits and credits are processed on the same day.
Same-Day ACH allows your incoming and outgoing cash to move faster, and gives you access to an accurate representation of your finances. Also, your business has the indirect benefit of speeding up the return of payments. You can also future date collections and payments to ensure timely processing.
The National Automated Clearing House Association (NACHA) shares 63 potential use cases for Same-day ACH Transactions. Some of the top purposes include:
- Same-day payrolls – helps you pay hourly workers, provides flexibility for late and emergency payrolls and missed deadlines, and faster access for employees to their pay. Electronic payments combat errors in the payroll process for paper payroll checks and payroll reversals.
- Expedited bill payments using for ACH Credits and Debits – allows you to make supplier payments on due dates, and provides faster crediting for late payments; including mortgage, utilities, credit cards, and more.
- Business-to-business payments – provides faster settlement of invoice payments between trading partners to accelerate the release of goods, and includes remittance information with payments.
- Account-to-account transfers – allows for faster movement of money among different accounts owned by a single organization or consumer.
Bank Central is ready to help you streamline your fund collections, and automate your receivables and payments processes. Contact us today at (719) 309-3339 to chat with a business banking representative, or you can visit your local Bank Central location to learn more.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.