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What is ACH?
Established in the 1970’s ACH is a form of electronic payment that transfers funds between U.S. bank accounts through a network of financial institutions. The benefit of using ACH network it digitally move funds between your own bank account and a vendor, employee, resident, or their family’s accounts.
Trillions of dollars route through ACH payments each year. In 2022, NACHA, originally the National Automated Clearinghouse Association, reported it was a record year with more than 30 billion ACH payments, which averages about 90 ACH payments per U.S. citizen.
How do ACH payments work?
There are two types of ACH payments: credit and debit.
ACH Credit
Credit or direct deposit, you or your customer “push” funds from directly from bank account into receiving bank account. With Voyage, you or the payer initiates the transaction. There are two ways this can set up. A form is available to be completed if set up is occurring from the merchant’s end.
There are approximately 3 steps needed to set up payments like, rent, recurring, revolving monthly fixed or fluctuating services:
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Step 1: Fill out a digital form and obtain the resident, vendor or employee’s name, bank name, account type, account number, and bank routing number.
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Step 2: Create or upload invoice in Voyage, if recurring, create a recurring invoice.
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Step 3: Select the date of the month when transaction will occur, the amount (max amount, specific amount, etc). Voyage will process the transaction according to the information provided.
ACH Debit
For ACH debit, money is “pulled” from one account to another. If setting up on behalf of the resident, payer, or family, the enrollment form provides the approval and the same banking information as listed in Step 1 above.
Automated ACH debit for you and your customers monthly costs, can be achieved through Voyage. Even if the charges vary month to month. Predictable cash flow can be achieved by promoting this set up upon joining your community.
How can I use ACH?
Our customers are finding this valuable in every collection scenario. If you offer any of these services:
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Prospect deposits
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Monthly recurring invoices
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Multiple recurring invoices with variable amounts
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Payment plans
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Split payments
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Refunds
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Online payments
Reduce the cost of transactions by billing the account on file for services done inside your facility. Charges incurred in your community's restaurants, stores and market, salon, therapy and excursions.
Can now all be charged to the "account in file" vs. asking for a form of payment after services have been performed. Further reducing additional fees for transactions.
What are the advantages of ACH?
There are many advantages for your business in using ACH payments.
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Cost savings: ACH payments are significantly less expensive compared to paper checks, credit card transactions, and wire transfers. Voyage offers electronic invoices which further reduces cost for your business.
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Convenience: You will no longer need to print, sign, mail paper checks, or make runs to the post office or bank. You can make ACH transactions from your office or while working remotely. The automated process of the Voyage platform makes it easy to schedule recurring payments, so there’s no need to set a calendar reminder or keep track of paper invoices for these standard charges.
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Faster processing times: ACH payments can process as quickly as the same day or up to three days. That quick turn around time will increase cash flow and provide a predictable income stream.
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Security: Checks are dangerous, fraud is on the rise and mailing or using paper checks makes everyone vulnerable. Unlike a paper check, Voyage encrypts your account and protects each ACH transaction.
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Consistency: By scheduling recurring ACH payments, you’re creating a consistent cash flow that is predictable, and your residents are in control of their finances.
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Refund satisfaction: By using Voyage, your resident/customer satisfaction increases. While refunding does not happen often, it does happen. Voyage quick payments ensure that your customers will have their overpayments back in their account within the next business day. Improve your communities satisfaction by leverage the Voyage offering.