ACHBUSINESS.COM - Review

Every time you pay a bill online, you transfer money into your online savings account or your employer direct deposits your paycheck, do you know what kind of a transaction is really taking place in the back end ?
Its called an ACH transaction. ACH stands for Automated Clearing House.

Today, I'm approaching ACH transactions from the perspective of a business owner and not a consumer.
Now, more and more businesses prefer transacting via ACH, because its fast and cost efficient. You also use less paper, so in turn, you help the environment cutting less trees.



The 2007 AFP Electronic Payments Survey, done by the Association for Financial Professionals, showed that while checks are still the dominant payment method for B2B payments, organizations are gradually overcoming the barriers and increasing their adoption of all electronic payment methods-ACH, cards and wire transfers.

The 2007 survey, underwritten by the Electronic Payments Network (EPN) is a follow up to an AFP survey on electronic payments conducted in 2004. In 2007, the typical organization makes 74 percent of its B2B payments by check, down from 81 percent in 2004. Electronic payments are gaining ground, especially at large organizations and those with high payment volumes.

Among the barriers to increased use of electronic payments, three issues stand out: information technology and integration constraints, inability of trading partners to send or receive automated remittance information, and difficulty in convincing customers and suppliers to adopt electronic payments. While similar barriers were cited in the 2004 survey, organizations have made progress in integrating electronic payment and accounting systems. For example, 59 percent of organizations have integrated their accounting systems with their ACH payment systems, while 40 percent have done the same for card payments.

Enter Achbusiness.com developed by SBT Business Technologies, Inc.

achbusiness.com is an online ACH origination software solution that makes it easy and affordable for financial institutions to meet the needs of business customers who want to make electronic payments. With achbusiness.com, banks and credit unions can offer a variety of ACH applications and even state of the art services such as e-checks (electronic checks) to their customers. achbusiness.com is the perfect solution for financial institutions who have converted from FedLine to Fed Advantage and no longer have ACH origination and manual/derived ACH return/NOC capabilities.

The basic package includes:

* ACH Origination
* News and Broadcast Messages
* Importing of NACHA Files or CSV/fixed data
* Miscellaneous File Transfer

Other Add-on Services include:
* ACH Notices of Change (NOC)
* ACH Returns
* FEDI Translation
* Wire Transfer Requests
* OFAC Verification
* Wire Confirmations
* Check Adjustments
* Report/Advice delivery
* Stop Payments
* Saving Bonds Orders
* Printed Report Delivery
* ACH/MICR File Delivery
* Balance and Transaction Reporting
* Incoming Wire Notifications
* TT&L Credit Advices

Since its a web based system, there is no clunky software to install. It works on both Firefox and Internet Explorer.

So I say, businesses, GO FOR IT !!
Hopefully, the businesses will then transfer those savings to us consumers!
Please visit ACH Business News

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What is ACH ?

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