ACH is the common name, but officially it stands for Automated Clearing House, an electronic network for financial transactions in the United States.
Send and Receive Funds Electronically
When you sign up for Online Banking for Business, you will be able to send electronic payments to your employees and vendors. This will not only save you time, but it will also eliminate the cost of printing and distributing checks, reducing the uncertainty and potential for fraud or delays associated with mailing payments.
Through ACH Transactions, you can expedite your collections and build stronger cash flow by initiating electronic debits to your customers. In addition, you will be able to:
- Send and receive payments electronically
- Reduce costs and fraud associated with lost or stolen checks
- Increase your control and security by customizing authorization to individuals who may perform such a function
- Save time for yourself and employees by reducing trips to the bank
- Review detailed reports of the transactions originated
Save Time and Reduce Fraud
Every day millions of ACH transactions cross the electronic network to transfer funds. By setting up ACH originations for your business you will send funds and receive payments electronically. This saves you time and cuts the cost of purchasing checks and stamps, as well as writing, mailing and reconciling paper checks.
You can also reduce the risk of fraud by establishing specific authorities for certain employees. ACH allows for:
- Direct Deposit: electronically send funds for payroll, taxes, expense reimbursements, vendor payments and more.
- Direct Debit: electronically receive funds to improve the collection and accuracy of your account receivables.