Internet Banking with ACH (Automated Clearing House)

Transcription

1 Internet Banking with ACH (Automated Clearing House)

2 What is ACH? For businesses that need to send transactions electronically. Automated Clearing House (ACH) Network is a nationwide electronic payment system that is an alternative to check payments. Companies can electronically credit or debit their employees and/or customers -- a faster and less expensive clearing process than paper checks.

3 ACH Customer Uses ACH Debit (Receipts) Association or club dues Insurance payments Utility payments Tax payments Loan payments Internet payments Telephone payments ACH Credit (Payments) Payrolls Annuities Customer initiated transactions (e.g., telephone bill payments) Pensions Social Security payments

4 Options for Sending ACH Transactions ACH Payments Payroll Collections Receipts Send a File EFTPS Tax Payments

5 Options for Sending ACH Transactions

6 ACH Payments Create individual ACH credits to make payments or transfers directly to accounts at other financial institutions through internet banking. 4 easy steps to make an ACH payment Click on Business Apps / ACH payments. Click Single payment to add new payment information Enter the account to send the payment from, the date to send the payment, effective date of the payment, beneficiary account, amount, beneficiary name, routing number, and any additional information. Click Submit, enter One Time Pin, click confirm (view page 18 for example)

7 ACH Payments

8 Payroll Schedule batch payments - most often used for payroll 4 easy steps to process payroll: Click Business Apps / Payroll Click manage payees / Add Payees, to add new payment information Enter the client account to debit, send date, effective date, routing number, account number and amount to send Click Submit, enter One Time Pin, click confirm (view page 18 for example)

9 Payroll

10 Collections Create batch ACH debits from accounts at other financial institutions to collect money for periodic dues or other fees. 4 easy steps to use Collections: Click on Business Apps / Collections Click Manage Payors to add new payment information Enter the account number to credit, the send date, effective date, frequency, routing number, account number and dollar amount to debit from the client s customers Click Submit, enter One Time Pin, click confirm (view page 18 for example)

11 Collections

12 ACH Receipts Collect individual payments from bank accounts at other financial institutions 4 easy steps to collect ACH receipts: Click Business Apps / ACH receipts Click Single Receipt to add new debit information Enter the account to be credited, send date, effective date, dollar amount, account number and routing number of the debit payment Click Submit, enter One Time Pin, click confirm (view page 18 for example)

13 ACH Receipts

14 Send a File Deliver all forms of ACH transactions through the bank s internet banking platform to upload an ACH formatted file 4 easy steps to send a file: Click on Business Apps, Send a File. Choose a txt file type. Then browse to your ACH formatted file. (This could be a payroll file created by the client s internal software) Add any comments necessary Click Submit, enter One Time Pin, click confirm (view page 18 for example)

15 Send a File

16 EFTPS Tax Payments Submit your Federal and many State tax payments online. You must have advanced approval from the Internal Revenue Service and/or the appropriate State Tax authority before paying your taxes through EFTPS. 6 easy steps to send a file: Register with the appropriate Government Entity (i.e. IRS, Pennsylvania State Tax Department) Click Business Apps / EFTPS Tax Payments Set up your Tax Identification number and forms within the Internet Banking system Choose what payment you want to make Enter amount Click Submit, enter One Time Pin, click confirm (view page 18 for example)

17 EFTPS Tax Payments

18 One Time Pin

19 Benefits of ACH Timely posting of credits and debits with prompt availability of funds Secure, convenient way to move money Reduce operating and administrative expenses Eliminate stop payment charges and check reissue costs

20 FAQs Is there a cutoff time for ACH processing? Yes All files received by 3 pm will be processed same day and will reach the beneficiary on the effective date. How quickly can I get an ACH transaction to a beneficiary? ACH is never a same-day transfer. However, any ACH transaction processed today, can be posted to the beneficiary the following morning depending on the receiving institution s posting procedures.

21 FAQs My old bank required a two-day lead time for ACH payments. Do you? While a two-day lead time is the NACHA requirement for ACH files, we will honor next day effective dates when possible. Can I originate debits via ACH? Yes. ACH debit processing is available Can I send ACH payments internationally? The bank does not send international ACH transactions. However, international payments may be received. Wires are an option for customers to send funds internationally.

22 FAQs Can I stop all incoming ACH payments from hitting my account? Several block and filter options are available to all customers. The bank does not block payments automatically, but can block all or selected payments from touching an account How long do I have to return an unauthorized ACH payment? 24 hours for corporate payments (affidavit required)

23 Contact Us To learn more information about this product please contact your local branch.

24 Organizational Structure Information contained herein is confidential and proprietary to Tompkins Financial and its subsidiaries. Products and services are subject to change at the discretion of Tompkins Financial. Bank approval is required to use the ACH service.

25 Thank you.