How your business bank account can make other people happy
It’s not often three little letters can monumentally change things for the better, but bringing ACH to your business should immediately do several positive things:
- Simplify your employees’ lives.
- Save your company time.
- Reduce payroll expenses.
ACH stands for Automated Clearing House, and it’s just a fancy way of saying your days of filling out and signing checks by hand are over once you install this direct deposit electronic payroll system. The cost of checks, envelopes and postage become a thing of the past because employees’ pay is automatically sent to their checking or savings accounts, giving them immediate access to their money.
Employees are happier because they no longer have to wait for a paper check, and they get the time and expense back they would have spent depositing or cashing it.
Processing payroll weekly, biweekly or monthly becomes a breeze – and more secure – and ACH payroll makes sense whether you have just a few employees or hundreds.
Mistakes also become easier to correct. Under a paper check system, a stop payment would be needed and the check in error would have to be reissued. A quick call to us and we can walk you through how to quickly reverse the error.
ACH is for more than just payroll, however.
- You can use it to automatically issue vendor payments. One client used ACH as an opportunity to negotiate better pricing with her vendors – saving an extra 2 percent – by agreeing to have her payments sent within 10 days instead of the usual net 30.
- If you’re a property owner, you can set it up to collect rent from tenants or condominium dues using prearranged payments. Some owners even offer a discount to tenants to use ACH because it ensures they’ll get their money on time and in full.
- We have numerous church clients who use ACH to collect tithings.
- ACH can be used to pay state and federal taxes and reimburse employees’ travel and entertainment expenses.
For a nominal fee, you also have access to same-day ACH, so you can make a missed or forgotten payment quickly – and it’s cheaper than trying to wire money.
If you decide ACH is right for your business, you can be certain we’re not here to sell you a product and walk away. Setting up ACH with us means you get our personal touch and a relationship where we get to know you and your business. We are driven by your success and only offer solutions that solve your needs.
Our Cash Management team is ready to assist you in getting ACH up and running for your business, or just call us at 800-836-1557 if you have any questions about our ACH services and how they can reduce your costs and bring you peace of mind.