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Automated Clearing House (ACH)
Automated Clearing House (ACH) is a network which exchanges funds and information among businesses and financial institutions electronically. This tool automates your cash receipts process. ACH allows you to collect funds, automatically and accurately, from customers throughout all 50 states, improving your cash management and reducing servicing costs.
HOW?
By simply preparing information about the transactions and passing it along to an Originating Depository Financial Institution, your customers can enjoy the ease of automation. The information includes the company name, financial institution routing number, account number, amount and effective date for the transaction. This information will be saved and only needs to be provided once for the life of the contract!
The "Automated Bill Payment" feature of ACH provides the ability to collect funds from customers through the ACH network. Through written authorizations, the borrower grants the company authority to initiate periodic charges to their account when payments are due. The ACH module creates the NACHA standard file for clearing the borrower's payment through the ACH network and automatically updates the payment as paid. ACH returns can be received electronically from your bank and the ACH module automates the payment reversal.
Key Benefits
benefit with the bill payment application of ACH.
Companies benefit from the
reduced payment handling.
Because lost payments are
reduced, cash management is improved.
elimination of check writing.
Reduced postage expenses and costs related to the processing of checks, money orders or cash also benefit the lessee.