Automated Clearing House (ACH) payments through Union Bank’s business banking platform allow businesses to make electronic payments quickly and efficiently for a wide range of purposes. Experience the ease of ACH transactions through quick, one-time payment initiation, saved templates and effortless ACH file uploads. Moreover, ACH offers enhanced risk management with features like payment approvals, comprehensive ACH history reporting and secure masking of account information, ensuring smooth and secure financial operations.
Common Uses of ACH payments
- Direct Deposit for payroll
- Expense reimbursement
- Consumer collections and payments
- Vendor payments
- Federal and State Tax payments
- Cash concentration
- Same day payroll, reimbursements and emergency payments
With Union Bank, you can also initiate same day ACH payments that can be settled day-of with the convenience and security of ACH origination.
Same Day ACH is Convenient and Secure
- Access through Union Bank’s business banking platform
- Reducing expense with payments previously sent via Wire
- Flexible user and limit permissions
- Dual control approval options for submitting and transmitting payments
What is a Same Day ACH Credit or Debit
A Same Day ACH credit or debit is sent and received on its settlement date. Same Day ACH transactions are generally sent and received by different banks, and are received in the afternoon or evening, as opposed to the following morning.
Benefits of Originating Same Day ACH Credits
- Pay employees on the same day if payroll deadline is missed
- Expedite customer refunds
- Pay claim reimbursements
- Pay suppliers to avoid late fees
- Transfer funds between accounts at different banks
Benefits of Originating same day ach debits
Create convenience and value for your customers by offering the option to pay for goods and services on the same day. For example, when customers choose to pay on the same day as their purchase, this may enable expedited delivery of goods and services.
Same Day ACH Processing Schedule
- Cutoff time for ACH to be processed Same Day – 1:45 p.m.
- Processed by 9:30 AM, settlement will be by 1:00 p.m. Same Day
- Processed by 1:45 PM, settlement will be by 5:00 p.m. Same Day
- Anything processed after 1:45 p.m. will have to be for a future date.
- Please be aware that ACH cutoff times may be affected by federal holidays and bank closures. Communication regarding any changes to cutoff times will be provided up to two weeks prior to the closure.
Conduct business faster, easier and better while improving your cash flow. Contact Us for more information today!