Direct Deposit is the electronic transfer of a payment from your company's account into the checking/savings account of an employee, shareholder, affiliate, or other individual or business. The payment can be divided among several different accounts and between different financial intuitions.
Electracash offers direct deposit to allow our customers to pay suppliers, partners, and employee's payroll and expenses via electronic checks. By receiving an input file with the specified account information and amounts, Electracash can process payments electronically via the Automated Clearing House, saving your company time and money.
- Reduced check preparation & bill payment costs
- Lowered time and labor requirements associated with payments administration
- Eliminated lost & stolen checks
- Diminished fraud due to lower potential for stolen and counterfeit checks
- Decreased processing costs (companies report savings more than 40 cents in processing costs for each paper check converted into direct deposit).
- Incentive and convenience for your employees with direct deposit of payroll (employees don't have to waste time depositing their checks)
- Enhanced reliability versus paper checks
There are two options available for integration. In our basic integration, Payees must enroll via a URL provided by the Merchant (from Electracash). Merchants will then send a file to Electracash in a comma-quote delimited file containing the details of each payment, one entry per line. Our API integration provides the merchant with a TCP/IP socket-based interface for submitting transactions for authorization. This interface exclusively accepts credit transactions from merchants, grouping transactions into batches. A batch may contain one single transaction or a thousand. For complete information about the Electracash Direct Deposit Service, please contact an Electracash Sales Representative.
