Utilizing Simmons First's ACH credit service, your company may initiate credit entries destined for accounts at financial institutions across the nation. The ACH Credit service is used largely for direct payroll deposit, vendor payments, tax payments, dividend payments, interest payments, and annuity payments.
An example of ACH Credits is Direct Payroll Deposit. Direct Payroll Deposit affords an employer the opportunity to reward employees by giving them the assurance that payroll will be safely and consistently deposited into their accounts. Employees will no longer need to spend personal or business time at the bank to deposit their checks.
The Way It Works
Your company provides payment data to Simmons First through Simmons First Bank Anywhere.
Simmons First posts transactions destined to Simmons First accounts and transmits all other transactions to the Federal Reserve Bank. The Federal Reserve disperses the transactions to their respective financial institutions. Receiving financial institutions post credit transactions to the customers' or employees' savings or checking accounts on the settlement date.
- Your company will realize cost savings and personnel efficiency as paperwork (e.g. stop payments, re-issues, reconcilements) resulting from a paper check environment will be reduced significantly.
- Time presently consumed performing these tasks may be reallocated to more productive activities.
- Additionally, your cash manager will have greater control of your company's cash position. Because the settlement date for ACH credits is predetermined, your cash manager may precisely forecast cash outflows on the specified settlement date.
Click here to request more information on Simmons First Cash Management services.