A recent Federal Reserve survey just released reinforced the growing need for faster payments among U.S. businesses. More than 2,000 businesses, ranging in size from less than $1 million in annual revenue to $250 million, took part in the study. The results find that most businesses expect to be able to use ‘faster payments’ options for a variety of critical uses cases within the next three years.
For faster payments, Same Day ACH shortens the bank transfer timeline and enables a business to credit or debit a bank account on the same day. Virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing.
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Same Day ACH was identified as a type of faster payment used by a majority of businesses in the survey. ACH payments go through a national network, which makes them easier to process and more secure as compared to wire transfers. While wire transfers are usually faster than a typical ACH transfer, they are very expensive. Other key differences between Same Day ACH and wire transfers include:
The result. Most businesses are losing money through expensive wires. Same Day ACH is where it’s at. But finding the right service provider is just as important.
If you’re a business owner, a healthcare/dental third-party administrator, or a benefits provider looking to maximize speed, efficiency, and costs with Same Day ACH, ACH Processing Company can help! We’re a leading payments solutions provider with a 23-year track record. To get a free quote and complimentary analysis, reach out at ????firstname.lastname@example.org to schedule.
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The Team at ACH Processing Company