Simplified ACH Payment process as a perfect holiday gift? Well, you deserve it this year if you have been a good accounting professional, Controller, or CFO. With fewer people working in the office, the ability to accept payments by ACH is more important than ever. According to multiple industry sources (i.e. ACH Network Volume Increases 9% in Third Quarter) the use of ACH payments is rapidly increasing. After all, is anyone in your office to accept checks and deposit them?
ACH – Automated Clearing House – is an electronic transaction replacing physical payment. The word ‘automated’ can be a misnomer at times, due to the manual processes required to properly handle the full ACH transaction cycle. Furthermore, some critical issues exist around security of account information – both yours and your clients – the manual entries for approvals/transactions, entries into the ERP, and the ability to build a complete process instead of a manual one-off approach.
Ironically, most ACH transactions are highly manual for the accounting team. Thankfully, manual processes can be history by using EleVia Software. EleVia Electronic Invoicing and Accounts Receivable software automate most of ACH processing. Our ACH feature is a tool to improve what is likely a seven-step process required to complete an ACH, to what can be a 3-step automated process. The tool comes standard with those two EleVia software packages – no extra cost!
The ACH automated process is simple to use, and looks like this:
- This process is 1-click easy for your customers. With every invoice emailed to your client, the EVPay ‘PayNow’ link leads the client to a safe private portal to pay their invoice. Your liability is reduced when the client enters their information in the Secure pay portal, you will never again have to ask for their payment information and manually enter the information into your system.
- Open invoices with your organization are all visible to your client, with the ability to schedule the date of payment and safely execute the transaction.
- You have visibility into who has planned payments for a particular day, giving you an electronic payments cash receipts projection for use in planning cash flow.
- Your client gets a payment acknowledgement live in the portal, in addition to an email confirmation.
- Instead of being forced to manually match payments in your account to client invoices, the system assists with matching payments for you AND helps process the cash receipts entry.
- It is faster, more automated, more accurate and helps you improve your workflow, which allows you to use that previously occupied time to focus on higher order work.
You can finally exhale because there is now a secure and easy way for you to automate the ACH process! This ACH payment processing feature is built specifically for EleVia Software users that work on Deltek Vision® or Deltek Vantagepoint®.
Happy Holidays! Give yourself a gift that will make ACH transactions easier and improve your organization’s cash flow.