On September 23rd of this year, NACHA’s new rollout regarding same-day ACH will start with Phase One. In this phase, merchants will be able to send credits under $25,000 for same-day settlement. If you submit same-day ACH transactions by noon CT with Forte, funds will become available by EOD on the same day (excluding weekends and holidays). This premium feature will cost 50¢ per transaction and is currently in development. If you’re interested in becoming an early adopter of same-day ACH, contact us here.
This rollout comes as part of the changes last year when NACHA announced that they had approved an amendment to the NACHA Operating Rules. This amendment allowed them to adopt same-day ACH for nearly any ACH transaction, bumping the electronic payment method in speed more on par with its credit and debit card companion.
With payments moving faster and faster, it seemed only logical that speedier ACH transactions would be coming. Let’s explore the rollout in more detail and what merchants can do to prepare.
The rollout will occur in three phases over two years: Phase One in September 2016 affecting credits, Phase Two in September 2017 affecting debits, and the final phase occurring in March 2018 with 5pm funds availability. Eventually both credits and debits will be eligible, as well as returns and non-monetary transactions. Transactions greater than $25,000 and international transactions will not be eligible for same-day ACH.
Preparing for faster transactions can equate to greater funds, more convenience for customers, and the ability to eventually replace wire transfers with same-day ACH, but these rewards come at a cost. It’s important to be prepared when it comes to same-day transactions.
Same-day ACH isn’t going to sweep over your transactions without your permission. We will offer the service as a premium feature where you designate which items you’d like to be processed as same-day transactions. However, it would be wise for you to evaluate your company and establish use cases for same-day ACH in exploring whether the speedier transactions are something worth your investment.
Same-day ACH will be effective for many different use cases, including refunds, emergency payrolls, tax payments, and bill payments. All of these benefit from faster funding, and it’s important to determine what specific scenarios might impact your business and how same-day ACH can help advance your company.
Encourage team members to start exploring same-day ACH, and start right here with Forte. Give us a call at 866-290-5400 to learn all about our exciting new feature or sign up to be an early adopter here. For businesses that need to transfer money quickly, same-day ACH is an incredible new solution that we’re proud to offer. With the rollout already scheduled, it’s the perfect time to take advantage of this opportunity. Don’t miss out!
Photo credit: Wiennat Mongkulmann