![]() “Same-day ACH set off the whole evolution of faster payments,” said Lisa Coffey, chief innovation officer with Corporate America Credit Union during an ACH Network Video. What’s especially appealing is your business can make same-day payments to vendors. The answer to this problem is to use ACH. So fast, on-time payments are, quite simply, good for business.īut when you use paper checks, you’re bound to make mistakes and therefore delay payment. When your company pays vendors and suppliers slowly it strains relationships. They didn’t.”ĭuring the pandemic, the ACH processed two rounds of Economic Impact Payments, hundreds of millions made by direct deposit. All of the changes and turmoil could have upended America’s payment system. “While a shift to electronic payments was underway well before the pandemic, it accelerated dramatically after lockdowns began last March. “The electronic payments system infrastructure operated normally at a time when few things were normal,” said Jane Larimer, president and CEO of the National Automated Clearing House Association (Nacha). For example, paper payments weren’t as easy to make with so many people not in the office where the paper checks were printed and signed.īut despite the upheaval, financial transactions firing through electronic online systems flowed smoothly. That’s a challenge on a number of fronts. By the millions, employees left their offices and set up shop at home. ![]() Since early 2020, businesses have made a massive paradigm shift towards remote working.
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