ACH payments are electronic payments made through the Automated Clearing House network, a secure system for clearing electronic payments between banks. Managed by NACHA (formerly the National Automated Clearing House Association), the network is much quicker than paper checks, which can never travel faster than the speed of mail.
How ACH payments (or ePayments) work
Any electronic transfer of funds from one bank account to another can be made through ACH. Direct Deposit via ACH and Direct Debit via ACH are simple, safe, convenient, and cost-effective electronic payments options that businesses of all sizes can utilize to make and receive payments. Learn more about the process at www.electronicpayments.org.
ACH payment volume grew to over 23 billion transactions in 2018, marking the fourth consecutive year in which the ACH network added more than 1 billion new payments. This payment system is so popular because of its many benefits. Using ePayments helps reduce errors; saves valuable resources like paper, ink and truck fuel; and provides much greater security than using paper checks. Electronic payments are received quickly and reliably, and there’s no time wasted getting checks to the bank and waiting for them to be deposited to your account (or bounced). ACH payments can be accepted remotely, like credit card payments, and are generally cheaper to process than card payments.
No wonder more and more businesses are making the move to electronic payment options.
Accounts Payable — Sending ACH payments is automatic with Bill.com
Bill.com makes it simple and easy to pay bills and get paid electronically. When you schedule payments in Bill.com, our system automatically sends ACH payments to any vendor you’ve set up for electronic payment. And setting up your vendors is simple and easy, too.
There's a good chance your vendor is already in our database. If so, setting them up for ACH payments will only take a few steps. If they aren’t included yet, you simply need to invite them to join the Bill.com Payment Network.
After that, you never have to think about it again. Just one more reason to choose Bill.com for accounts payable automation.
Accounts Receivable — Get paid faster with Bill.com ePayments
Bill.com ePayments is the cheapest, most convenient way to get paid electronically. There’s no set-up charge — it’s part of the package when you choose Bill.com for accounts receivable automation.
- Get paid 2x faster — payment goes straight into your bank account
- Set up one-time or recurring payments
- AutoPay gets you paid on time every month — automatically
- No manual entry — payments are automatically applied to your invoices
- Automatic reminders — send out scheduled reminders before payments is due or send out overdue notices automatically
- Flat fee of $0.49 per ePayment
Learn how Bill.com helps small and mid-sized businesses automate their accounts receivable and accounts payable with ACH payments, and take advantage of the benefits for your own business. Start a risk-free trial of Bill.com today.