Electronic Payments & ACH Credits
ACH payments, or Automated Clearing House payments, are a widely-used electronic method for transferring funds between bank accounts. They offer a secure, efficient, and paperless way to handle transactions, making them an attractive option for both businesses and individuals. TowneBank offers ACH services including Same Day ACH to meet all your payment needs. Contact a treasury advisor today to learn how beneficial, safe, and convenient our ACH services can be to your business.
Are ACH Payments Right for Your Business?
Our online banking services include ACH payment capabilities, enabling you to manage your financial transactions with ease and confidence. There are several advantages to using ACH payments.
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Convenience and Efficiency
Convenience and Efficiency
Streamline payment processes such as payroll or bill payments. -
Cost Effectiveness
Cost Effectiveness
Incur lower processing fees. -
Enhanced Security
Enhanced Security
Eliminate risks associated with physical checks.
Demo: How to Make ACH Payments
ACH Payments and Credits FAQs
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ACH Payments are processed through the Automated Clearing House Network, a secure centralized network, financial institutions can use to transfer funds safely and securely.
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ACH fraud is unauthorized ACH transactions or the fraudulent transfer of funds or withdrawals through the ACH Network.
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TowneBank offers ACH protection with ACH Fraud Control and Check Fraud Protection services. This enables you to evaluate transactions before they are finalized, use dual approval for payments, control the ACH approval process with custom approval levels to fit the way your business operates, assign user access permissions for your employees, monitor both ACH payable and receivables, and create ACH processing rules to fit your business.
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An ACH is similar to a wire transfer, only it uses a batch-process. Transactions received by the bank are processed and funds are not available in the beneficiary account until the effective date.
A wire transfer is a real-time method of transferring immediate funds and supporting information between two financial institutions.
Make a Wire Transfer
- Log in to Business Online Banking
- Navigate to the Money Movement tab
- Click Wire
- Fill in the following information:
- Wire Type
Funding Account
Send Date
Amount
Currency Type - Click Continue and follow the prompts to complete the wire
View a Video Demo
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Any transactions with a Same Day effective date must be submitted to TowneBank by 1:30 PM.
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As a business, if you provide ACH payment processing for your business or clients, your company is ultimately liable for ACH payment fraud, per Regulation E.
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