If you receive recurring payments from your consumer 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.
- Preauthorized drafts are processed through the ACH, a central facility that handles the transfer of monetary transactions between member banks and the Federal Reserve System.
- The ACH system is the nationwide payment network used to process billions of electronic transactions each year.
- Many companies use ACH to provide direct deposit of payroll for their employees or to draft customers' accounts for payments.
- Provides a paperless means of collecting receivables and processing customer payments
- Offers a timely method to collect receivables and predict cash flow
- Provides an accurate and thorough record of all ACH transactions
- Provides your customers with the convenience of not having to write checks and mail payments
ACH Preauthorized draft makes paying the following items quick and easy:
- Homeowner Association dues
- Insurance premiums
- Mortgage payments
- Medical payments
- Day care payments
- Pest Control services
- Security Monitoring services