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Improve cash flow, save time & money with ACH |
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Learn How ACH Works
If your business sends out invoices, there is a better way to collect your accounts receivable. You can automatically debit your customers’ bank accounts with electronic funds transfers (EFTs) originated through the Federal Reserve’s Automated Clearing House (ACH), by utilizing automated ACH debits to eliminate the ongoing expense of processing payments through traditional paper methods.
When you automate your accounts receivable, the time and costs to print and mail invoices, receive and deposit payments, and the expense of lost revenue due to delinquent accounts can be eliminated.
Automated ACH payments simplify your billing processes & improve efficiency by replacing the traditional method of billing and collection with an easy to use automatic method. You simply enter your customer’s bank account and payment information into our software and with the push of a button the information is processed through the ACH network. These transactions are deducted from your customer’s account and deposited into your account with one simple step. And your customer gets a complete accounting on their bank statement.
Call us toll-free on 1 866 608 8640 or get more information on ACH processing.
The fact that an invoice has a due date does not guarantee that a payment arrives on time. Most companies receive payments weeks, even months past due. By automating your receivables, your payments arrive on time, every time.
Retention is THE KEY
Even with all the above benefits there is still another most important advantage to automated payments.
According to Metropolitan Life Insurance, the biggest benefit enjoyed from ACH automated receivables is increased account retention.
They see fewer policy cancellations among those who pay electronically. The reason for this is simple: Each time a customer sits down and writes a check to make a payment, he must convince himself that he really wants to maintain. |
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How Do Automated Debit Plans / ACH Work? |
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You can accept automated debits as easily as accepting a credit card payment. When a consumer would like to pay your company for a recurring transaction, the consumer simply authorizes you in writing to electronically debit their account, the information they give you is by phone, a salesperson, collection agent, or telemarketing representative requesting that the consumer read the MICR line at the bottom of their check. The MICR line contains the consumers’ checking account number, bank routing number and check number needed to process the transactions electronically.
This information can be sent to us as a batch that is uploaded at our secure web site or individual checks can be processed in real time on our secure, simple to use virtual terminal that can be accessed from any internet connection. |
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Example Transaction
A consumer instructs the business by telephone, personal computer or manually written authorization to debit their bank account and credit the bank account of the payee.
The business transmits files to the processor, Creative Cash Flow Solutions. Our software prepares the files for transmission into the Federal Reserve’s ACH network and then transmits them via an Originating Depository Financial Institution (our bank).
The files go through the network to the receiving bank (the customer’s bank), and the funds are transferred through the system into the business’ account, via the processor’s internet connection. |
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What Are the Benefits? |
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Ease of Use. Our electronic funds transfer (EFT) system has been designed from the ground up to be as intuitive and efficient as possible while incorporating the most advanced and powerful features of any program of its kind. It is so easy to use, that you'll be able to install the program, configure the software for your company and be ready to start entering EFT billing transactions within 15 minutes of starting.
Powerful Scheduling. One of the most powerful features of the EFT software is how easy it is to schedule billing transactions. Whether you need to schedule a single transaction for a new customer, or if you need to schedule multiple recurring transactions for a group of customers - it's all just a few clicks away. Recurring EFT transactions can be scheduled to recur on a weekly, bi-weekly, monthly, quarterly, semi-annual or annual
basis. Or you can set custom billing schedules. EFT transactions can be scheduled for months, even years into the future - all with a simple click of a button.
Advanced Resubmit Options. Powerful capabilities in handling rejected and NSF items. The system allows you to customize the software to work the way you do, whether you want NSF items to be resubmitted immediately after a certain number of days has elapsed, or on certain days of the month such as the 1st or 15th. Either way, you can automatically reschedule these transactions or you can even set up the system to allow you to resubmit these transactions manually. By using the manual resubmit option, this would allow you to confirm that the funds were available or to contact your customer before making another attempt at collection.
Comprehensive Reporting. As part of the standard program you will have access to a comprehensive set of reports that will give you the critical financial information that you need. Whether you want to look at a customer's payment history or need to analyze your company's future revenue streams, you will have the reports you need. The use of these comprehensive and analytical reports, in addition to the improved efficiency that we can bring to your company, will allow you to spend time focusing on growing your business instead of dealing with day to day collection and cash flow issues.
Multi-user / Multi-company capable. Our electronic funds transfer (EFT) software is fully network capable. The number of simultaneous users accessing the software is only limited by the number of users on your network. In addition to using the system to handle your company's billing needs, it is also multi-company capable so you can use the software to process multiple divisions or transactions for multiple companies.
Service you can count on. We understand that your cash flow and your relationship with your customers are the two most important aspects of your business. This is why we will be here to make sure that your transactions are processed accurately and on time each and every time. And in the event there is a problem, we will be there to provide you with the answers and the solutions that you need.
What Is My Cost Per Transaction? ACH pricing is dependent on volume, rate of returns, what the transactions are being used for, the average value of an ACH Debit, whether a depository account was set up and underwritten for you instead of using your own depository account...etc. To receive a FREE quote CLICK HERE.
How Do I Get Started? After completing our easy application, approval is quick and easy. Same day approval can allow you to start using Chex by Phone Today! To receive the application and obtain a price quote CLICK HERE.
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ACH Check Processing Facts |
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- There are over 1.2 million NSF checks written each year
- 40% of the population is totally check dependent
- The face value of the checks written has increased 25% during the last five years
- Total face value of checks written through 2005 will exceed 14.3 trillion dollars
- Consumers prefer checks four to one over debit cards
- 88% of the population over 174 million consumers has a checking account; only half of those have a debit or credit card
- 72% of consumers believe that their check use will increase or stay the same over the next year
- 53% of retailers are reporting continued check growth (on-line survey by "Stores Magazine" and the "Reid System")
- Checks represent 24% of all retail sales as a significant part of the overall payment system
- Americans write an average of 25 checks per month
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