Recently, more businesses across a wide range of industries have been realizing the benefits of making and receiving payments electronically using ACH (Automated Clearing House). Here are some features as to why ACH is the most beneficial payment method for your business:
Eliminating Unnecessary Costs
Whether you are receiving or making payments, doing so via paper checks is expensive and outdated. Doing this via ACH can save you a lot of time and money because of the significantly lower processing fee. And disbursing payments using checks involves a long list of costs, including: check printing, envelopes, and postage. You no longer have to account for all these costs when using ACH. All invoice posting details can accompany the ACH payment electronically.
Scheduling recurring debits and credits to be automatized via ACH, this is much more convenient than writing, mailing, receiving and processing paper checks. Traditionally, check approvers were tied down to the office to sign checks, whereas nowadays they can approve ACH payments securely online from any location, using a card to card transfer. Most employees love the convenience of payroll direct deposit, since there is no longer a need to have to go to the bank on payday to cash or deposit paychecks.
No More Frauds
Using ACH payment processing also makes it hard for employees to commit payment fraud, especially check fraud. In order to maximize security, be sure to use dual controls when setting up vendors for ACH payments. Otherwise, a dishonest employee could use an alternate bank account number to make ACH payments to a fraudulent account or via direct payment method. There is also another option to restrict an employees’ access to change the ACH template record details to further safeguard your company’s payment details and information.
Better Cash Flow
By opting for the ACH payment method, you no longer have to hear “the check is in the mail”. You are assured of receiving funds on time and as a payer, you can hold onto your funds right up to the payment due date. Either as a payer or receiver you will enjoy stronger and more predictable cash flow.
Corporate Social Responsibility is a huge thing and ACH is a green alternative, as compared to writing and processing thousands of paper checks. Not only do we save trees due to the elimination of paper in the process we also consciously affect the environmental impact of physically transporting checks from one location to another.
If your company has not started to realize the benefits mentioned above by making and receiving ACH payments, what are you waiting for? Please visit www.ach-pay.com to learn more about these and other benefits and how to get started with ACH.