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BB&T ACH Preauthorized Draft service can save you time and money when collecting payments from your customers. Your clients can grant your company the authority to automatically withdraw funds from their checking accounts through the Automated Clearing House (ACH). BB&T processes the payments through ACH, and the total amount is credited to your account the next day.
ACH Preauthorized Draft service process:
1. You submit a data transmission file containing customer account information to BB&T.
2. BB&T processes drafts through the ACH.
3. ACH draws payment from your customers' checking accounts.
4. The total amount is credited to your account on the next day.
5. Overdraft/returned items must be re-submitted by you in a new ACH file.
6. Submit a preauthorized request up to 29 days in advance of the due date.
7. Data file submission can be done through a mainframe transmission.
If you receive recurring payments from your customers, ACH Preauthorized Draft services from BB&T can streamline the process of collecting receivables and processing payments, saving you time and money and improving your cash flow.
ACH Preauthorized draft is suitable for many types of payments, including: