Same-Day ACH Payments

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To meet business needs in a fast-paced world, the National Automated Clearinghouse Association (NACHA) has implemented Same Day ACH. While standard ACH payments process on a next-day or two-day basis, Same Day ACH lets you initiate payments and receive funds faster.

System and procedural changes may also impact your cash flow. We can help determine your business needs and recommend which of your payments would fit this faster service.

Same Day ACH is being implemented in three phases:

  • Phase 1: September 2016 – ACH credits are now eligible for use such as payroll processing and business-to-business urgent payments.
  • Phase 2: September 2017 – ACH debits will be added, allowing for faster collection of consumer and business receivables.
  • Phase 3: March 2018 – Funds availability by 5 pm local time for same-day ACH credits.

Important requirements to evaluate with respect to the benefits:

  • Single transactions are limited to $25,000.
  • International ACH transactions are not eligible.
  • Additional fees are incurred to originate payments.
  • Federal government same-day ACH tax payments will be eligible at Phase 2.

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

Same-Day Payroll

  • 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

Business-to-Business Payments

  • 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

Consumer Billing

  • Due date/late payments
  • Payments to prevent loss of service
  • Any bill payment in which credit is given immediately

Business-to-Business Payments

  • Just-in-time payments for release/shipment of goods
  • Invoice due date/late payments
  • Account-to-account transfer

Phase 3 – Potential Benefits

Same-Day Payroll

  • Pay hourly wages
  • Have flexibility for late and emergency payrolls
  • Give employees faster access to their funds throughout the day

Business-to-Business Payments

  • Faster settlement of invoice payments between trading partners, including remittance information

Account-to-Account Transfers

  • Faster crediting for businesses or consumers who move money among various accounts

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