Cash disbursement services consist of the payment, movement, and disbursing of funds. The disbursement services are:
Direct Deposit
Take advantage of direct deposit for payroll, dividends, or annuities. Use ACH to transfer funds to an account at another financial institution as well as specify when the receiving account gets credited. Direct Deposit is convenient for paying expense reimbursements, bonuses, and commissions.
Vendor Payments
EPN STP 820 standard addresses one of the key obstacles in business–to–business payments: the lack of a single standard format for remittance information. EPN STP 820 rationalizes the complexity of the ANSI 820 payment standard by defining the minimum required data elements to be included with the payment. EPN STP 820 specifies up to 10 required data elements, with two elements — customer name and customer account number — as mandatory. If invoices are used, there are eight additional fields such as invoice number, gross invoice amount, and amount paid to be included with the electronic payment for each invoice being paid.
Federal & State Tax Payments
Allows your business customers the convenience of paying their State and Federal taxes electronically. In fact, the Federal Government now requires most businesses to make tax deposits electronically and in the future businesses will be required to make all of their tax payments electronically.
Cash Disbursement
ACH funds transfer is a low cost means of assuring your payments move quickly and efficiently, meeting your payment schedules without tying up funds for the ordinary check clearing process. You have absolute control over timing disbursements to match cash availability in your account. ACH transfers can also help decrease check fraud.
Wire Transfer Solutions
Initiate Domestic and International wire transfer. Assign user permissions and dollar limits for each wire and the users. Multiple levels of user permissions and dual approval capabilities available.
