Automatic payments, commonly referred to as Automatic Clearing House or ACH, provide your business with a number of benefits including convenience, peace of mind and reduced risk. These factors can result in big savings for your company and provide your accounts payable team with additional time to focus on more important matters.
As automatic payments continue to grow in popularity, we’ve identified five great advantages to setting up your loan accounts for automatic payments.
1. Convenience
The top benefit associated with automatic payments is convenience. Never worry about tracking bills, paying invoices or even writing and mailing checks. Your bank will handle the rest.
2. Reduced Risk
Paper invoices, especially those that include account numbers or loan details, can leave you at risk for identity theft. Experts consider electronic payments to be more secure, as online retailers maintain a higher commitment to security and often have access to more advanced tools and resources.
3. Saves Money
By enrolling in automatic payments, you can save your company time and money, all while enjoying the added benefit of convenience. Bill payments eliminate many overhead costs and free up your accounts payable team, so they can focus on more important projects.
4. Greener Solution
Electronic payments eliminate the need for paper statements, check writing, stamps and more, thus reducing your impact on the environment. Not only will you save paper and trees, but you’ll reduce the carbon footprint left behind by mail.
5. Peace of Mind
Never miss a payment or be subject to late fees with automatic payments. That’s one less bill to worry about, one less check to write, and one less stamp to use every month.
Automatic payments are one of the simplest and most convenient forms of payment. To get started, contact your account officer or visit your local branch.