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Automated Clearinghouse Debit Transactions
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The Automated Clearing House is a network which allows banks to exchange payments electronically. If your customers agree to an automatic debit from their bank accounts, you can submit periodic files to collect payments from them electronically. In managing cash, you will know the precise date for this collection activity and when the funds will be available in your account. In addition to the monetary transaction, addenda records are also available to transfer additional information to facilitate posting to receivable records.
Features of ACH Debit Transactions
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- Provides accurate collection dates
- Reduces in-house clerical expense
- Delivers timely cash flow information
- Eliminates mail and processing float associated with paper checks
- Eliminates daily trips to the bank to make check deposits
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