Let Broadway Bank help completely automate your collection process.
Faster than paper checks and less expensive than high credit card transactions, Automated Clearinghouse (ACH) Collection offers you a highly efficient and cost-effective method of transferring funds electronically.
Automated, convenient and predictable.
ACH Collection gives you better control of your funds at less cost to your company.
ACH Collection is appropriate for:
- Association/club dues
- Corporate-to-corporate payments
- Contributions to IRAs, SEPs, 401Ks, etc.
- Insurance payments
- Mortgage and installment loan payments
- Charitable donations
How Does it Work?
- You obtain written authorization from your customers to draw regular electronic payments from their accounts.
- You prepare and deliver collection data to Broadway one or two days prior to the settlement date via iBIZ Online Business Banking.
- The ACH files are routed into the ACH network.
- Your customers’ accounts are debited and your account is credited on settlement day.
The benefits of
It helps you:
Eliminate much of the manual work associated with collection.
Improve cash flow.
Get paid without mailing invoices or waiting for checks to be returned by mail.
Know the exact date of your funds transfers which simplifies daily funding decisions.
Enhance customer service.
Offer customers another convenient payment option—eliminating manual work for them and lessening concern over timely payments.