Same-day processing gives you flexibility and speed with your payment options, but it's important to evaluate the impacts to cash flow and transaction reporting.
To determine whether Same Day ACH is right for your business, there are some simple questions to ask.
- Could sending a payment faster improve supplier or employee relationships?
- Could a faster payment let you to take advantage of payment discounts?
- Could you benefit by receiving same-day ACH payments and using it to pay down debt?
Phase 1 – Potential Benefits
- Pay bonuses, advances or correct payment errors
- Pay hourly associates on the last day of a pay period
- Pay terminated associates on the last day of work
- Pay a late invoice or pay on the due date
- Receive credit faster
- Make a payment to receive goods or services
Phase 2 – Potential Benefits
- Due date/late payments
- Payments to prevent loss of service
- Any bill payment in which credit is given immediately
- Just-in-time payments for release/shipment of goods
- Invoice due date/late payments
- Account-to-account transfer
Phase 3 – Potential Benefits
- Pay hourly wages
- Have flexibility for late and emergency payrolls
- Give employees faster access to their funds throughout the day
- Faster settlement of invoice payments between trading partners, including remittance information
- Faster crediting for businesses or consumers who move money among various accounts