![]() There are several advantages for your small business in using ACH payments. Investment dividend and interest payments, including monthly payments.Government payments, such as tax payments and refunds, Social Security payments, and stimulus payments.Vendor payments, including those for suppliers, rent, or utilities.Employee payments, such as reimbursed travel expenses or 401(k) contributions.But ACH has other useful applications for small businesses, too. One of the more familiar uses for ACH is for direct deposit of payroll 3. In 2022, there were more than 8 billion direct deposit ACH payments overall. The recipient submits the payment file to their bank and pulls funds from your bank account.įor example, you might set up automated ACH debit for your utility bills, which arrive monthly but vary in cost each month. The payer provides the recipient the same banking information as listed in Step 1 above. With the payer’s permission, the recipient initiates the transaction to withdraw funds from the payer’s account. Step 3: The funds are transferred from your account on the designated date.įor recurring payments, such as payroll, rent, or mortgage, you can set up automated ACH credits.įor an ACH debit, also known as a direct payment, money is “pulled” from one account to another.Step 2: Submit payment details through Wells Fargo Business Online ® or Commercial Electronic Office ® (CEO ®) ACH that includes the account information and payment amount. ![]()
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