The Payments Problem: Streamlining Has Led to Siloing

Part 1 of the 3-part True Straight Through Blog Series

Here at FTNI, we’ve been in a lot of conversations lately discussing how siloed the payments space has become. With technological advances in mobile and online payments over the last decade, companies have had to stretch their capabilities to keep up, offering customers multiple different ways to pay. This is great news for customers, but it’s been a struggle to manage multiple, disparate payment platforms and the manual processes created as a result. Integrating the various technologies used for accounts receivables (AR) is a bit of a monster, frankly.

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Topics: Straight Through Processing, check processing, electronic check imaging, credit card processing, RDC, ACH Processing

Increase Loyalty and Reduce Cost with Recurring ACH

Many enterprises now offer recurring ACH as an option when agreeing to payment terms – especially for service contracts or other accounts with regular or scheduled billing. But how can ACH benefit your business?

ACH Transactions, explained.

Automated Clearing House (ACH) transactions allow for direct account-to-account transfer of funds between financial institutions, individuals or companies. Recurring ACH payments are authorized by the customer, who agrees to allow the vendor or service provider to initiate payment from their account automatically according to a predetermined schedule.

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Topics: Recurring ACH, ACH Processing

ACH Processing 101: A beginner's guide

What Is ACH?

ACH (Automated Clearing House) is a nationwide electronic funds transfer (EFT) network that process large volumes of transactions involving credit or debit. The ACH is a private system that facilitates the secure transfer of electronic payments by connecting to financial institutions throughout the United States.

How Does ACH (ACH Payment Processing) Work?

The Receiver is the first step in the process of a transaction involving the ACH. Receivers must first grant authorization to the Originators who issued the ACH credit or debit request. The Originator’s account is then identified by the financial institution’s routing number and their account number. When the Originator has received the authorization, they will create a new ACH entry, which is then sent to the correct originating institution. This can be done as long as the financial institution performs ACH origination. The entry is distributed to an operator at ACH who continues the process by disseminating it to a receiving institution. At this stage, the Receiver’s account will receive a credit or a debit depending on the nature of the transaction.

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Topics: ach, ACH Processing

Transaction Processing 101

Building an enterprise-level organization involves complex processes that revolve around one of the most important components – the financial – and the refinement, organization, management, and dissemination of related data. The engine grows by building on what works and iterating on what has failed. This constant ebb and flow forms the backbone of successful enterprise organizations.

Transaction processing that utilizes simplified methods and tools are the key to aligning all the pieces of this financial puzzle and using various applications to keep the machine running. It streamlines the customer purchase process on the front-end and back-end, organizes payments, and takes the difficulty out of processing complex batches of financial information.

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Topics: payment processing, recurring payments, credit card processing, RDC, integrated receivables, ACH Processing

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