Get set up for a Same Day ACH Processing account for faster settlement times and same day ACH deposits.
If you haven’t heard, NACHA, the Electronic Payments Association that governs the ACH industry adopted new rules to speed up the settlement time of ACH payments recently. The first phase that went into effect in September 2016 enables same day processing of ACH credits to push payments faster. Same day ACH debits to collect (pull) payments will go into effect in September 2017.
If you are looking for information and resources about the new rules, you should visit the NACHA website. But if you want to open a new account to take advance of this new program, then you are in the right place. If you would like to sign up and apply for an ACH account that supports same day ACH processing, we can help you. We are an independent agent able to set up these new accounts similar to how an insurance agent would help you sign up for a new insurance program. We work with several different processors and ODFI banks to help our clients with ACH payment needs. We specialize in helping merchants with more sophisticated needs like high volume accounts, higher risk ACH processing and same day processing.
If you already have an ACH processing account today, your account probably does not support same day credit transactions. This is not a “standard” addition to all accounts. Typically, a new account has to be opened in order to take advantage of this type of account.
Setting up a new account is easy and most of the time, we can match your current rates or get very close to what you are currently paying. There is a full application to formally apply but we can offer rate quotes if you send us your website URL and last three months of processing statements.
Businesses that do a lot of ACH credit transactions can realize many benefits with faster funds availability. Employers can now support emergency payroll needs and their employees enjoy faster access to payroll payments. Faster settlements of invoices with remittance information is extremely valuable for the business-to-business (B2B) industry. If a business doesn’t have to wait an extra day to receive the funds, they can ship a day sooner and one day is very important in some industries. And account-to-account transfers are much faster when moving money between different accounts.
Our different processors have different cutoff times but for one of our primary processors, the cutoff time is 11am CT for Same Day Credits to hit the customers’ account on or around 4pm CT.
International transactions (IATs) and high-value transactions above $25,000 are not be eligible. Higher risk merchant types can be approved for same day processing on a case-by-case basis.
Here are a couple nice videos from NACHA.
If you would like to be able to deposit or transfer money into another bank account without waiting for the next business day for funds to clear or paying costly wire transfer fees, then Same Day ACH is perfect for you.
All business and individual consumer bank accounts in the United States should be able to accept the ACH credits the same day they are received as long as the file is submitted before the cutoff time.
Complete the contact form below and put your website URL into the Message box. We will follow up with an email so you can send us your last 3 months of statements. Then we will send you a proposal with rate quote. Standard application process with new accounts set up in two days.