One of our vendors recently conducted an informal survey of approximately 100 business people, and was surprised to learn that only one was really familiar with ACH payments. The one person who did know, had implemented it after a $35,000 check-fraud incident.
Unfortunately, check fraud is becoming epidemic. ACH payments are one way to combat the problem. If your accounting software supports it, you can electronically submit Payroll deposits to your employees’ accounts. Some programs are also adding the ability to submit your A/P payments as well..
One major reason to make the change is that some banks are no longer willing to cover the losses of businesses who have not taken advantage of their fraud prevention programs. While consumer accounts are protected by law, commercial accounts aren’t. Unless you happen to catch a problem quickly, most banks cannot recover money lost as a result of fraudulent checks.
The ACH option is available to our customers who are using Passport Software’s "Professional Business Solutions" accounting package. If the software you have doesn’t include ACH support,CCS can help you migrate to PBS.