You want me to Tell You What?
Several years ago, we wanted to make a direct payment to one of our vendors by ACH (Automated Clearing House) direct deposit to their checking account.
We explained the process to them, as well as letting them know we needed to have their bank routing information and account number.
Their issue was: we would now have their account information!
We asked them, “Have you ever mailed paper checks to anyone?” Their reply was, of course they did, and it is how they pay all of their bills. We told them to look across the bottom of any of their checks. Amazing to them – their routing and account numbers were displayed! All we were asking for was information they had been willingly providing to everyone they were mailing checks to.
ACH transactions are highly Federally Regulated. In order for us to accept these electronic payments from our clients, we had to meet a rigorous set of requirements.
The great majority of our clients now pay us via ACH. According to NACHA, the Electronic Payments Association, 71 percent of all U.S. employees are now paid by direct deposit. Many of you are just like me – I pay nearly everything electronically. I use less than a couple dozen paper checks in a year!
By using the ACH system, it greatly reduces paperwork and simplifies costs to both you, the payee, as well as us. Most importantly, it accelerates the speed of your new pole building purchase, as well as being far more secure than mailing a paper check, all too many of which get pilfered from mailboxes. And even better, once we process the information, any record of it is deleted and/or shredded. No paper check to be lost on the way to the bank, or between the bank and you. Safe, secure, fast, go ACH!
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