What does Same-day ACH mean for your business?
Same-day ACH ultimately means faster payments and collections for your business – funds will be received the same day the file is sent.
Your outgoing and incoming cash is moved faster, giving you access to an accurate representation of your funds. In addition your business will get the indirect benefit of speeding up the return of payments should it be needed. Collections and payments can also be future dated to ensure timely processing.
The NACHA has identified 63 potential use cases for Same-day ACH Transactions. Among the 10 primary use cases 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 paper payroll checks and payroll reversals due to error in the payroll process.
- Expedited bill payments using for ACH Credits and Debits - enables you to make supplier payments on due dates, and provides faster crediting for late payments; examples include mortgage, utilities, credit cards, and others.
- Business-to-business payments - provides faster settlement of invoice payments between trading partners to accelerate the release of goods and includes remittance information with the payments.
- Account-to-account transfers - allows for faster movement of money among various accounts owned by a single organization or consumer.
Central Bank is here to improve the efficiencies of your fund collections and automate your receivables and payments processes.
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 affiliates 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.