Payroll and Payments are offered to you through our Business Cash Management product. There are no separate monthly fees for members who want to use Customer Payments, Payroll and/or Tax Payments services. Pay once monthly for all of your ACH needs.
Payroll: Electronically transfer payroll to any financial institution
- Common Use: Direct Deposit
- Reduce fraud - Lost and stolen checks are eliminated and there is less potential for counterfeit checks, stolen checks or signature plates, altered amounts, and forged signatures.
- Account Reconciliation is simplified - business or organization’s account statement will have a single dollar amount for the total amount of the Direct Deposit transactions, versus individual check amounts to reconcile.
- Reduce Errors - According to DirectDeposit.org, the chance of having a problem with a check is 20 times greater than with Direct Deposit.1
- Decrease administration costs - eliminates manual check preparation; businesses report savings of more than 40 cents in processing costs for each paper check converted to direct deposit.
Customer Payments: Electronically "pull" funds from a customer’s account at any financial institution
- Common Uses: Membership Dues, Monthly Rent from Apartments/Senior Living, Payment Plans
- Payments can be one-time or recurring.
- Businesses can receive their customer payments on a predetermined date reducing late fees and delinquent payments.
- The timing of receivables is more predictable and reliable, allowing for more accurate cash flow forecasting and investments.
- Helps eliminate the manual, labor-intensive process of handling payments made by check and improves your payment operations saving time and improving efficiencies.
- Reduces processing costs - Direct Payment saves business customers/members an average of 11.5 cents per payment (versus checks) due to reduced processing costs.2
- Enhances customer service - customers will appreciate having a payment option that is reliable, accurate, on time and confidential
- Eighty-four percent of ACH Payment users are very satisfied with this payment option.
- Customers offered ACH Payment option will be more likely to continue using the services with a convenient payment plan in place.
Electronically transfer your business tax payments directly to the EFTPS Portal (Electronic Federal Tax Payment System)..