"

Estimated reading time: 0 minutes, 52 seconds

Same Day ACH Payments Available

Thursday, Sep 22 2016
News
Written by 

Same day payments are now possible this week because of a rule adopted by NACHA. The organization, which manages the ACH network, says same-day processing of almost any ACH payment is now possible. Previously, most transactions were settled on the next business day.

Among the major benefits is the capability for businesses to offer same-day payrolls. Payroll provider Paychex quickly noted its ability to offer the service for payroll clients using direct deposit. Employers can pay workers via direct deposit on the same day they initiate payroll. Only international transactions and transactions above $25,000 will not be eligible for the service.

NACHA says the new rule will speed up business-to-business faster settlement of payments between trading partners and expedited bill payments, using both ACH credits and debits. There will also be fast crediting of account-to-account transfers.

Receiving financial institutions are able to charge a fee on each Same Day transaction. NACHA says fees will, on average, enable the institutions to recover costs for supporting the capability.

More information is available through the Same Day ACH Resource Center/

Read 4510 times
Rate this item
(0 votes)
More in this category: « Accountant Embezzled from Foster Homes Avalara Targets Very Small Biz »
The Progressive Accountant

Latest from The Progressive Accountant

Visit other PMG Sites:
Template Settings
Theme

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset