Wire Transfer and ACH Automation Services
Checkissuing’s NACHA EFT File Creation and Transmission Service allows businesses to securely and conveniently send anywhere from one to thousands of ACH or wire payments to payees or vendors.
We have integration templates with most major US banks and with deep knowledge of banking integration systems, we can format the ach/wire file specific to your financial institutions specifications and return it back to you or send directly through your financial institution and send you a confirmation file afterwards.
- Set-up Wire or ACH Transfer EFT file
- Approve Wire or ACH Transfer payments
- Release Wire Transfer payments
Authentication levels for company/business unit-level access as well as double-authentication amount controls, as well as a detailed audit trail available. We have the option available to send confirmation emails to the payees. Please contact Checkissuing today to find out more on this feature.
EFT Payments are commonly used for the following:
- Vendor trade pay
- Employee expense reimbursements
- Grant payments
- State and Federal tax payments
- Internationally (via IAT – international ACH Transaction)
Checkissuings ACH Features
- US ACH NACHA format
- Multiple payment accounts per vendor allowed
- Multi-company / multi-account
- Remittance advices by email or admin notification
- Security – Account or amount approval option
- EFT sample test files
- Optional pre-notification
- Multiple transmissions in one day
- One-Pass” payment selection filter
- Optional computer check or manual check workflow
- Mixed debits/credits
- File archiving
According to the Institute of Management & Administration (IOMA), paper payments cost about $2.50 each. Electronic payments (e-payments) such as Automated Clearing House (ACH) payments and electronic funds transfer (EFT) cut your payables costs by up to $2 per check, significantly lowering costs by 75%.
Plus, e-payments reduce your exposure to check fraud, and improve cash management—because you can specify exactly when money leaves your account.
Checkissuings AP Automation Suite allows you to transition vendors to electronic payments at your pace. The solution processes checks, ACH and EFT payments, and automatically sends electronic payment notification with detailed payment advice. Vendors can manage their profiles and track their payments online, which improves vendor satisfaction and reduces the burden on AP.