ACH

Benefits of Automated Clearinghouse (ACH) Origination for the Employer

ACH Bill Payment

  • Cost reduction - Reduced billing costs (invoice printing, return envelopes, postage, etc.), lower bank charges for ACH items.
  • Improved cash flow - All funds are deposited to account on due date and the amount of the credit is known in advance.
  • Increased efficiency - Reduced time to create invoices, reduced number of incoming checks to process, improved accuracy over customer written checks, simplified research due to entire payment process initiated internally, easier handling of returned items.
  • Increased marketing capability - Provides a progressive image to customers, provides an additional benefit to be offered, increases customer retention level.
  • Improved delinquency ratio - Eliminates receiving checks after due date, eliminates second billing notices.

Direct Deposit of Payroll

  • Cost reduction - Fewer checks to buy, lower bank charges, reduced check distribution costs.
  • Increased efficiency - Reduced time to print and sign checks, easier and quicker check disbursement, simplified account reconcilement, reduced storage space for cancelled checks, elimination of lost/stolen paycheck problems.

Benefits of Automated Clearinghouse (ACH) Origination for Employees

ACH Bill Payment

  • Convenience of use - No check writing required to pay bills, no fear of lost or misplaced checks, sickness or vacation will not cause bills to be paid late, no more problems caused by checks written for the wrong amount.
  • Reduced costs - No costs for the check or postage, reduced fees at the financial institution.
  • Increased confidentiality - No check to be handled by employees of the business or the financial institution, item appears only on bank statement.
  • Improved use of funds - No more estimating mail and processing time to determine when to send bills, no more late charges to be paid, easier to budget expenses exactly.

Direct Deposit of Payroll

  • Eliminates lost of stolen checks and the hassle associated with re-issuance.
  • Direct Deposit provides faster access to funds, because money is available on payday without waiting for a paycheck to clear.
  • Net pay information is more confidential.
  • Reduces need to go to the financial institution and wait in long teller lines on busy days.
  • Funds are available even when employee is sick or on vacation.
  • Deposits can usually be split between checking and savings accounts, encouraging savings.
  • Deposits are posted to account more quickly, thereby reducing risk of overdrawn accounts and bouncing checks.
  • May reduce service charges on checking accounts.
  • Employee still receives complete earnings summary each pay period.
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Danville, KY 40422
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