With Tompkins Automatic Clearing House (ACH) Origination you can initiate ACH Credits and Debits quickly and conveniently. The ACH Network is a nationwide electronic payment system that provides an alternative to check payments. If you’re looking for a better and more cost effective way to pay vendors (payables), process payroll, or collect money (receivables), it’s simple to automate these processes using ACH Origination. ACH lets you pay vendors electronically, ensuring payments are received on time and gives you the flexibility to credit your employees and vendors or debit your customers through a faster and less expensive process like paper checks. In addition, you can simplify your payroll process with direct deposit, saving you time and your employees a trip to the bank. Plus, offering your customers an easy electronic payment option can expedite your collection process and improve your cash flow.
Benefits include:
- More predictable settlement and cash flow
- Prompt posting and availability of debits and credits
- Reduced lost check and fraud expense
- Reduced operating and administrative costs
- Increased payee satisfaction through prompt payment
