The Check is NOT in the mail.
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Are you and your business tired of waiting to be paid?
You've done a good job, the customer is happy and satisfied. How come they don't pay their bill quickly? More importantly what can you do about it?
One simple, cost effective tool to increase timely payments is to use the ACH network to automate recurring or one-time payments. The ACH (Automated Clearing House) is the network that allows money to be moved electronically. More information about the ACH network is available at http://www.NACHA.org
You can automatically take money from your customers checking or savings account. Depending on the solution you implement credit cards can also be used. You can easily schedule recurring payments or take a one-time payment via the phone or fax. You enter basic information: account numbers, dollar amount, name and schedule the payment as a one time or recurring payment.
Monies are electronically transferred from your customer's bank account to yours typically four days from the transaction entry date. You receive robust transaction reporting that in many cases can be imported into a reconciliation package like PeachTree or Quicken. Concerns regarding bad checks can often be addressed by sophisticated fraud scrubbing techniques. In fact there are available methods to verify the check writer has a valid account with a positive funds balance.
You may even integrate the ACH processing into an existing software application you are using. Many options are available.
Costs of course vary but typically fit into four categories: - Start up costs for software or an Internet ASP - Per transaction costs - Returns costs associated with an NSF check. - Monthly statement or support costs.
It is usually fairly easy to obtain ACH processing. Make sure the processing company you choose to work with is reputable and reliable.
You can save time money and frustration an offer new payment vehicles for your customers.
©2005 by Wayne Akey- http://www.ach-payments.com
About the Author
Are you and your business tired of waiting to be paid? Use ACH Processing to collect payments efficiently and economically.
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