Automate your ACH/Wire (EFT) and Direct Deposit Payments
Checkissuing’s NACHA EFT File Creation and Transmission Service allows businesses to securely and conveniently send, anywhere from one to thousands of, ACH/Wire, EFT online payments, direct deposits or wire transfers to payees and vendors with advanced automation.
Here’s how to do an ACH transfer easily and securely the Checkissuing way:
Use our ACH/wire templates that are compatible with most major US banks, such as Chase, Bank of America and Wells Fargo.
Utilizing our deep knowledge of banking integration systems, we will format the ACH/wire file specific to your financial institutions’ exact specifications, and ACH routing number specs.
Then we will return it to you or send it directly through to your financial institution, and also send you a confirmation file of our ACH/Wire money transfer online.
- Setup ACH Transfer, Wire or 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.
You can have the automation option to send confirmation emails to your direct deposit payees. Please contact Checkissuing today to find out more on this feature and inquire about ACH direct deposit time for your program and also our direct deposit requirements. Let us show you how to set up direct deposit for employees, vendors, and suppliers. Just send us your direct deposit information and we will do the rest.
Checkissuing ACH/WIRE Payments:
- Vendor trade payments
- Employee expense reimbursements
- Grant payments
- State and Federal tax payments
- Internationally (IAT – International ACH Transaction)
Direct Deposit Automation
- We use the standard USA – ACH NACHA format
- Multiple payment accounts per vendors allowed
- Multi-company / multi-account capabilities
- Remittance by email or admin notification of ACH/Wire payments on your online dashboard
- Security enhancements available including account or amount approval limits
- EFT sample test files for trial runs of your deposit deposits
- Optional pre-notifications including; direct deposit Chase, direct deposit Bank of America and direct deposit Wells Fargo.
- Multiple EFT and ACH/Wire transmissions per day
- One-Pass” payment selection filter
- Optional computer check or manual check workflow
- Mixed debits/credits
- File archiving
Following the ACH Network protocol of electronic fund transfer (EFT) process, as approved by NACHA (The Electronic Payments Association), our system supports raw NACHA file uploads and direct deposit file automation from a third party.
If your bank accepts direct deposit automation, our expert development team will design direct integration of all your ACH wire payments, payroll direct deposit and EFT transfers for maximum efficiency.
Call us today to set up ACH transfer. Toll-Free: (866) 535-3954
According to the Institute of Management & Administration (IOMA), paper payments cost about $2.50 each, much more than our ACH transfer fee. Electronic payments (e-payments) such as Automated Clearing House (ACH) payments and electronic funds transfer (EFT) can cut your payables costs by up to $2 per check, significantly lowering your payment administrative costs by 75%.
Plus, wire payments reduce your exposure to check fraud and improve cash management. That’s because you can specify exactly when money leaves your account and decide which is faster eft or wire transfer and thus which type of ACH payment is best for your company needs.
Top Four Benefits of ACH/Wire and Direct Deposit Payments for Your Business
- Lower Costs – ACH payments are amongst the lowest cost ways to send money and is significantly less than both paper checks and credit debit card payments. This is due to fewer company costs for time and labor processing plus the fee structure which is typically calculated as a percentage of the direct deposit transaction. Your savings can add up dramatically over all your wire payment needs.
- Greater Security – Industry reports such as the 2016 AFP Payments Fraud and Control Survey, report that paper checks are the type of payments most susceptible to fraud and theft. By sending money via ACH/Wire transfer or direct deposit you eliminate substantial risks.
- Fewer Errors – Human errors cost businesses both time and money needlessly. Studies report that standard human errors, on average, make 20% of data loss mistakes. By using ACH checks you greatly reduce the chance for natural human mistakes to occur.
- Happier Customers & Vendors – Surveys reveal that everyone; customers, vendors and employees, all prefer wire transfers over traditional paper checks. Customers trust the fast and secure ACH payments and thus, trust your firm for repeated purchases. Your vendors appreciate the ease of accepting EFT payments which save them the time and hassle of having to process paper checks. And employees like the time-saving features reliability of direct deposit payments.
ACH Transfer vs Wire
Our payment processing professionals can help you decide which type of electronic payment system is best for your business needs.
Wire transfers move funds from one bank to another, typically within one business day. While ACH transfers can take up to three business days to be completed.
With our superior technology, we are able to make your ACH payments faster, dependent upon your bank, same-day transfers are often possible.
When speed and certainly are paramount we typically suggest wire transfers. Many of our clients like the process and efficiency of ACH payments for a large quantity of smaller payments to many people.
Most direct deposit payments that we automate are ACH payments including; employee paychecks, utility payments and automatic contributions to savings and retirement accounts. Also, you can use our ACH money transfer online services.
Checkissuing software – AP Automation Suite – allows you to transition vendors to electronic payments on your schedule. Our solution processes checks, echecks, ACH/Wire and EFT payments, and automatically sends electronic payment notification with detailed payment information.
Your vendors can manage their profiles and track their payments online, which improves vendor satisfaction and reduces the burden on your Accounts Payable staff.
ACH Transfer Chase and ACH Transfer Bank of America Services Available.
Frequently Asked Questions: