The year is 2022. Technology is more advanced than it was just a year ago and continues to evolve each and every day.
Whether you’re paying your phone bill through an app or ordering takeout, there’s not a single thing you can’t use technology for these days.
As a restaurant operator, it’s important to embrace technology and its advances in every area of your operation.
ACH payments are a great way to make use of technology. We’re here to explain what they are and how your restaurant can benefit from them.
What are ACH payments?
ACH stands for “Automated Clearing House” which generally means the network used for moving money between bank accounts across the U.S.
In much simpler terms, it’s a way to transfer money without the use of paper checks, credit card networks, wire transfers, or cash.
You’re most likely already using ACH payments! If you pay your bills online, you’re likely using an ACH network.
If you receive direct deposit from your employer, or pay your employees through direct deposit, then, you’re likely using an ACH network!
It’s used in almost every transaction today, even when we don’t realize it.
ACH payments are much faster and more reliable than your old-school paper check. I mean, who has time to go to a bank, fill out a deposit slip, wait in line, and deposit a check anymore? Not you.
How can my operation benefit from ACH payments?
Did you know it costs less to process an ACH transfer than it does for a credit card payment or wire transfer?
Your restaurant operation could be savings hundreds, even thousands of dollars just by making a simple switch to electronic payments. Not to mention, it also saves you time!
If you’re paying vendors, ACH is a great way to avoid fraud you’d otherwise be at risk for by using paper checks.
Whether the payment is small or large, ACH is the preferred method of payment in 2022 due to its safety and convenience.
ACH payments typically take between 3-5 days to process, and since 2016, same day ACH capabilities have also been available (depending on your network).
Fortunately, ACH isn’t only useful for paying your vendors! You can also use ACH to pay your employees via direct deposit, or the government via electronic tax filing. You can even accept payments from your customers directly for any goods or services you provide for them. How cool?!
Using ACH means using less resources—thus reducing your carbon footprint! No more paper or envelopes and no more transportation costs. Let’s save the planet together.
Place that money and time elsewhere in your operation and switch to ACH transactions!
How can I switch to ACH payments?
You’re in luck. The switch is easy. On top of access to savings and rebates on thousands of items they’re probably using every day, Dining Alliance members now have access to ACH payments to pay your vendors directly.
If you’re not a member, click here to sign up and get started.