A Faster Way to Pay Through Heritage Direct

Being able to make electronic payments easily and securely is critical for most business operations. It’s how you pay vendors, bills and your employees—all without the use of physical checks or cash. Plus, when you opt for electronic payments, you can reduce processing fees, increase payment security and more accurately track financial data.

One of the most prevalent types of electronic payments is ACH. It’s how your salary is automatically deposited in your bank account. It’s how you pay bills online. It’s how you set your mortgage payment to automatically withdraw from your account on a specific day of the month.

It’s used for both personal and business purposes and is one of the most top-used transaction methods around, with more than $29.11 billion payments in 2021.1

The ACH Network was established in the 1970s by the National Automated Clearing House Association (NACHA).2 This was a game-changer for most people and businesses using the internet. And while it’s still widely used today, typical ACH transactions can take up to two business days to complete.

For a business, this can make it difficult to manage day-today cash flow. That’s why NACHA eventually introduced same-day processing of ACH payments. This means that transactions are received by your customers and suppliers the same day you initiate them.

Though still not a real-time payment method, it provides an additional option for faster payments. Within Heritage Direct online or the mobile app, you can quickly initiate same day ACH* transactions.

As a Heritage Direct customer, there are several types of electronic payments you can use:

• Credit and debit cards

• ACH (direct deposit, same day ACH, vendor payments)

• Wire transfers

• Bill pay

• Payroll cards

With same day ACH, you can better track your finances with a clearer sense of your bank account balances—all while enhancing customer, supplier and employee relationships by accelerating transactions.

To learn more about payment options within Heritage Direct, call us at 800.455.6126 and ask to speak to a treasury management relationship officer.

*ACH is subject to approval.

ABOUT THE CONTRIBUTOR: DOMINICK MOBLEY

Dominick joined the bank in April 2021 and has 16 years in the industry. As the digital payments manager, he specializes in ACH and wires. He’s a NACHA Accredited ACH Professional and is also working towards a Payments Risk Accreditation. He’s been involved in several payment-related projects at the bank and looks forward to helping improve the products customers need to stay successful.

1 www.nacha.org/content/ach-network-volume-and-value-statistics 2 www.nacha.org/content/history-nacha-and-ach-network