Convenience, cost savings, time savings, increased security—these benefits of Direct Deposit via ACH can help you generate new customers and a loyal customer base.
Direct Deposit is a key factor in consumers’ satisfaction and continued association with their financial institution. Consumers paid by Direct Deposit rate the financial institution they use for Direct Deposit services a 9 on a 10-point scale. Furthermore, 55 percent indicate that Direct Deposit use is the single biggest factor motivating them to continue their banking relationship. Direct Deposit users also hold an average of nearly three times more financial accounts or services than the average account holder.
Direct Deposit helps your business customers meet their bottom-line business objectives with increased efficiency. Electronic funds transfer securely to their employees’ accounts, eliminating manual check processing and reducing administration costs. Transactions are never lost, and account reconciliation is simplified. Businesses also can process payroll quickly—even on the same day—allowing for fast resolution of any errors and ensuring accurate pay.
For individual customers, Direct Deposit is a convenient way to get paid. Money is automatically deposited into their accounts on time, every time. The secure electronic transfer makes funds available at the opening of business on payday for easy access, and your customers don’t even have to be at work or in town to receive a deposit.
Direct Deposit can be used for:
• Bonuses and commissions
• Child support payments
• Dividend and interest payments
• Pension/401(k) disbursements
• Social Security and other government payments
• Tax and other refunds
• Travel and other employee expense reimbursements
Direct Deposit transactions are safe: Unlike a paper check, which passes through many hands, Direct Deposits are processed electronically, helping to keep sensitive account information secure.
BUSINESSES BENEFIT WITH DIRECT DEPOSIT, SAVING UP TO $2.87 - $3.15 PER PAPER CHECK
Visit our calculator to give your business customers a quick estimate of the savings they can achieve by switching to Direct Deposit.
Contact your Regional Payments Association for assistance and services that will help you talk to your customers about Direct Deposit via ACH.
The Regional Payments Associations, through their membership in NACHA- The Electronic Payments Association, are specially recognized and licensed providers of ACH management, education, assistance, and services to all types of financial institutions (commercial banks, savings banks, and credit unions) across the United States and its territories.
Use these resources to help promote Direct Deposit to your business and consumer customers.
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