More small and medium-sized businesses than ever are switching to ACH payments because of the significant benefits compared to credit cards and checks.
Average ACH processing time is 2–5 days, from initiation to delivery. The availability of Same Day and Next Day ACH has accelerated funding times, giving businesses more flexibility and control over cash flows.
Reduce the risk of paper check theft by paying vendors with digital payments.
For businesses who pay credit card fees to accept payments, or third-party check processing fees to make payments, ACH is a more cost-effective solution.
When you schedule payments in BILL, our system automatically sends ACH payments to any vendor you've set up for electronic payment. ACH setup requires no cancelled checks or paperwork, and when your vendors are among the millions of businesses paying and getting paid on the BILL network, connecting to them takes just a few clicks.
BILL Accounts Receivable also helps you get paid faster without worrying about payment status. Set up recurring payments, or accept one-time payment. Allow customers to auto-pay your invoices, or set up auto-reminders so you don’t have to keep following up. Payments are automatically applied to your invoices, automating and streamlining your process, speeding up time to payment delivery, and reducing your stress.
Unlike other payment platforms that charge a percentage-based transaction fee, BILL customers pay flat fees for their standard ACH transactions.
This flat fee structure can help businesses avoid the significant expenses associated with larger payments. BILL customers pay only a low fixed fee per transaction, whether they're paying or receiving.
When speed is needed to avoid late payment penalties or get a project moving faster, BILL also offers Instant Payments that can arrive in minutes. A 1% fee applies* for Instant Payments.
*Please refer to our pricing page for fee details.
Most online banking platforms offer ACH capabilities, but the lack of integration with key workflows results in lots of manual work—especially for businesses with more than a handful of payments each month.
BILL fully automates ACH payments in your payables and receivables processes, including invoice intake and storage and approvals routing. Data integrations and two-way sync with major accounting software solutions make it easy to bring payments information in as one lump-sum entry, instead of individual payments.
Decide which vendor you want to pay electronically
Search for the vendor in BILL and connect, or invite them to join the network
Initiate a payment to your vendor
BILL debits your bank account on the process date
Then, BILL waits 2–3 days for the settlement of the debit
BILL receives your funds, then credits your vendor’s bank account
Your vendor is successfully paid—hooray!
ACH (Automated Clearing House) is a federally regulated network of financial transactions. ACH payments are electronic payments that go through the network; the network directs the money from one bank account to another through a secure system.
Making payments using the ACH network is less expensive and more efficient for both merchants and consumers because they are automated (compared to a manual process like checks). Although awareness of the term ‘ACH’ is still low, usage of the method is more widespread than you might think. Common usages of ACH include direct deposit for salaries and tax refunds, and direct bill pay. Learn more about what ACH payments are.
How does it work?Funds move from one bank account to another with the help of a secure, centralized system managed by NACHA (the National Automated Clearing House Association). To complete payments, the organization requesting a payment needs to get four key bank account details from the other party involved-whether they're sending or receiving funds:
1. The name of the financial institution (bank or credit union) where funds are being sent
2. The type of account at that bank (checking or savings)
3. The bank's ABA routing number
4. The recipient's account number
With this information, payments can be created and routed correctly. And if billers have been authorized to make recurring withdrawals directly from a customer's account, they'll need these details as well.
With millions paying and getting paid on the BILL network, getting up and running with ACH is fast and easy. Easily search and find vendors in the network, and get them paid in just a few clicks. No need to track down a cancelled check or go through a lengthy vendor onboarding process.
