What is Automated Clearing House?
Automated Clearing House, or ACH, is a Cash Management service we offer businesses. ACH is the name for the network used by BankNewport and other financial institutions to move large volumes of debit and credit transactions in a batch format. ACH Payments allow you to pay or receive funds electronically. Typically, the types of transactions include: vendor payments, payroll direct deposits, membership payments, rent, monthly service charges, insurance premiums, taxes, or large and small “one time” payments.
What is the process and how does it work?
We work with you throughout the approval process, from determining expected transaction volume to implementation and setup. Once approved, you will access the ACH platform via your online banking account to create the business or individual you wish to pay, or to receive payments from, by adding their name, address, bank name, routing number and account number.
After this record is created and stored within the system, you have full control to generate direct debits or credits. The ACH platform allows you next day transaction processing, future postdated transactions, and recurring payment types.
What are some of the benefits to you?
- Reduces costs associated with check writing
- Guarantees next day processing
- Security: reduces exposure of sensitive account information
- Eliminates check float
- Reduces account reconciliation time
- Dual control feature that supports internal fraud control
- Eliminates stop payment requests
- Expedites the collection of funds owed
- Maximizes the cash flow cycle
- Pay taxes
Interested in learning more about our Automated Clearing House services or want to get started now? Contact our Manager of Cash Management today.
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