ACH: ACH Collection
June 21, 2008 2:16 pm ACH, FinanceACH collection is the process by which you go about getting the money you are owed. In other words, its the flip side of the ACH debits equation. When its time for Widgets, Intl. to make their monthly payment (that is, the agreed-upon date), ACH collection automatically takes place.
The advantages of this are clear. No more paper invoices delivered by snail mail (no more postage and handling, for that matter). Its all in the system, and ready to go.
ACH Collection: Ready When You Are
This also cuts down on the man-hours required during a given billing period. If your staff doesnt have to print up, sign, and fold up forms, then slip them in the envelope, address the envelope, affix the stamps, and drop them in the mail slot, an incredible amount of time has been saved. This is time that can be used for other things.
Perhaps the greatest benefit of all, however, is that theres no waiting for the check to clear. The actual time it takes for the EFT to occur is between five and forty seconds, depending on the system. In this way, ACH collection is unprecedented in its benefits for the businessperson today.
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