Deposit (ACH) Cash Concentration is ideal for companies with multiple locations that use a local depository bank, but need to quickly concentrate receivables into one cash pool. ACH transactions are created to pull deposits from local banks into First Horizon Bank.
Additionally, the ACH Direct Debits (Customer Payments) service enables you to directly debit your customers on a routine basis when they enroll with your company to approve such a payment method.
Product features and benefits
With Automated Clearing House (ACH) services, your business can save money on processing costs by making payments and transfers without a check or wire.
ACH Cash Concentration
Ideal for companies with multiple locations that use a local depository bank but need to quickly concentrate receivables into one case pool.
- Funds moved to a single account for ease in investing decisions.
- Flexibility of connecting with depository accounts at any financial institution within the ACH Network.
- Same Day ACH is an optional premium service, and per-transactions that are initiated with today’s effective date.
ACH Direct Debit (Customer Payments)
Receive one-time or recurring payments faster by directly debiting your customers’ accounts when they authorize your business.
- Maximize cash flow while minimizing float associated with receivables.
- Receive collections on specific due dates.
- Offer your business’s customers an efficient payment method.
Same Day ACH
The traditional settlement period for ACH transactions is one or two banking days after processing. The Same Day ACH rule enables same-day processing and settlement of ACH payments through the network without affecting existing schedules and capabilities. Our bank receives Same Day ACH and also allows same-day origination, allowing your business to make payments faster.
- Any qualifying ACH transactions meeting NACHA rules that are originated with a “today” effective date will be processed for same day settlement.
- Same Day ACH will be a First Horizon Bank optional premium service and per-transaction fees will apply for any ACH transactions that are initiated with today’s effective date.
