Direct Debit Service
One of the fastest, most economical ways to convert your receivables into cash is with IBC Bank's Automated Clearing House (ACH) service. ACH debits eliminate the paper associated with accounts receivable functions by electronically transferring funds from your customer's accounts to your IBC account. ACH debits are ideal for recurring payments, such as insurance premiums, loan payments, utility payments, subscriptions, fees, or dues. ACH debits can also consolidate funds deposited in outlying divisions by operating branches or subsidiaries.
Features
- IBC's Direct Debit service uses the standard National Automated Clearing House Association (NACHA) file format that is available from most accounting systems
- The standard processing window for ACH debits is one day before settlement. The debits and the corresponding credit to your account will be made the next business day.
- Using IBC Link, files can be sent directly from your accounting system or through an available online template.
Benefits
- Reduces costs associated with preparing bills, postage, and deposit preparation, thus eliminating administrative tasks related to collection
- Improved cash flow - Increase the speed and accuracy of your collection system
- Improved customer service - Customers will benefit from automated payments and the reduced cost of paying their bills
- Reduced delinquencies - ACH payments are made electronically and automatically.
For more information, please contact an IBC representative or visit your nearest IBC branch.