(Part 3 of 4)
Are you using Automated Clearing House (ACH) to make and receive payments? ACH is an electronic application that allows the direct transfer of funds between two bank accounts with several benefits to all parties.
Faster processing: Paper checks are sent through the post office or some other type of mail handling facility, which takes days, if not weeks, to reach its destination. Instead, ACH payments are made online, which cuts down the processing time. Banks consider ACH payments preferred payments; therefore, they are processed before paper checks, which means you will receive funds faster than paper checks. Without all the hands, TPAs, carriers, brokers, consultants, and mail service, internal efficiency increases, which could reduce costs.
