Simmons Bank's ACH debit service enables your company to automatically collect funds from your customers. Simmons Bank's pre-authorized debit service reduces costs to your company by eliminating incoming mail handling, and deposit preparation. Your cash manager will have greater control of cash because the payment date is predetermined and the funds may be utilized on the specified settlement date.
The Way It Works
Your company provides collection data to Simmons Bank through Simmons Bank Anywhere.
Simmons Bank posts transactions destined to Simmons Bank 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 debit transactions to your customers' savings or checking accounts on the payment settlement date. The ACH Debit service is typically used to collect insurance premiums, utility payments, loan payments, association dues, subscriptions, and may be expanded to include a variety of other applications.
- Convenient to customer
- Greater control of cash
Click here to request more information on Simmons Bank Cash Management services.