Electronic Payments and Deposits-ACH Origination
One of the most important cash management tools is the ability to streamline cumbersome paper processes into to electronic transactions through the Automated Clearing House (ACH). ACH Origination occurs when a company or organization provides us with a file of customer or employee transactions. First Mid processes the file and distributes the transactions so they can be posted to the proper accounts in the recipient’s bank. The customer accounts do not need to be at First Mid. Direct Deposit of the company payroll is just one application of this process.
Direct Deposit Origination
If you have five employees or 5,000, First Mid can provide your company with an inexpensive solution to electronically deposit your employee’s check directly into their account.
Most employees like direct deposit because:
- The check is deposited on the pay date every time
- It eliminates a trip to the bank when the bank is most likely to be busy
- The check is deposited even when the employee is away from the office or out of town
- Direct Deposit is convenient and confidential
Most employers like direct deposit because:
- Company gets credit for a well-received employee benefit
- Lost production due to employees taking checks to bank is reduced
- Fewer checks are lost
- Costs to deliver checks to employees working out of town are reduced
- All checks clear on the effective date, making reconciliation easier
- ACH eliminates the need for storage and security for blank and cancelled checks
Wire Transfers – Online
Our online Wire Service provides you with the ability to originate domestic and international wires in a secure easy manner.