ACH or Automated Clearing House is a form of payment that is managed by NACHA (previously called the National Automated Clearing House Association). ACH payments are a popular means by which people or organizations make payments to their payees. ACH generally has a nominal charge and is processed within one business day, though it can take up to almost three days in some cases. ACH transfers are of two types, ACH direct payments, and ACH direct deposits. Governments, banks, and other institutions make ACH direct deposits to pay people government funds, interests of deposits, payrolls, etc. Customers or businesses use ACH direct payments on the other hand, for transferring funds; some examples of direct payment are bill payments, sending money to loved ones, paying for purchases, donating to charity, and so on. Another advantage of ACH payments is that they require no financial instruments like checks, credit, or debit cards for conducting transfers; money is directly taken from their checking accounts.
Zil provides free ACH payments and guarantees to process them in one business day in most cases, making it a preferred form of payment for businesses. Another benefit of making the ACH payment through Zil is that a system is designed to handle the ACH payment, making direct access to NACHA unnecessary. A lot of money is saved in terms of the cost of sending ACH payments. Additionally, Zil does not charge for ACH payments making it an even more cost-effective method for transferring money. Apart from this, Zil also provides services such as an ACH wallet, Direct Payments, API payments, eChecks, Checks by standard mail, Virtual Card, and Corporate Expense cards that can be set at various limits. Zil also lets you remotely open a US bank account from anywhere worldwide.
To conclude, the benefits of doing ACH transfers at Zil are:
- No transfer fee
- Fewer declines
- No financial instruments needed
- More convenient for customers
- One day processing