Same-day ACH Debits are here (September 15, 2017), so let's explain what that can mean for businesses. Last year at this time we saw the introduction of *same-day ACH Credits, or a 'Push' payment, giving a business the option to send funds that would post in the destination account that same day. The requirements included that you met a cut-off time and that your transaction dollar value was below $25,000.00. Fast forward to September 15, 2017 and we now have *same-day ACH Debits, or a 'Pull' payment.
Fast forward to September 15, 2017 and we now have *same-day ACH Debits, or a 'Pull' payment also with a $25,000.00 per transaction limit. Now that you can pull payments, with the proper authorization, businesses can offer their customers assured ways to avoid being late on scheduled payments. It also means that customers more precisely manage their funds and protect their credit thanks to a more defined window of when their payment will be posted.
NACHA provides helpful use case examples that include:
Expedited bill payments, using both ACH credits and debits, enabling consumers to make on-time bill payments on due dates, and providing faster crediting for late payments
Business-to-Business payments, enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments
ACH credit (push) transactions: roughly 40%
ACH debit (pull) transactions: roughly 60%
This PDF provides more information:
Contact us if you have questions or need assistance.
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