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Late in the night on
December 3, the Legislature formally passed HB 5821 which would allow employers
to implement 100% electronic means of payment for their employees. While
direct deposit would be the preferred method of payment, the bill removed the
affirmative consent required to pay by payroll card that existed in current
law. Now for those who do not choose direct deposit, they can receive
their wages via payroll card.
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There are many reasons why a business should consider adding ACH
capability to their portfolio of payment processing instruments and in
this article I intend to highlight the top 10 reasons.
Before I begin, I will provide a brief introduction to the ACH system…
The ACH (Automated Clearing House) network provides electronic
clearing of payments for participating depository financial
institutions. Transactions are initiated during the day by merchants and
at the end of each business day, transactions that have accumulated are
sent electronically in batches to the The Federal Reserve. The FED
sorts and routes transactions to their appropriate destination and
debits or credits bank accounts accordingly.
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A woman was in a car accident and hospitalized for several months. When she recovered enough to go home and tend to her finances, she realized that several unauthorized ACH debits had posted to her checking account. She contacted her financial institution in hopes that they could help her get her money back. What is the bank or credit union to do?
There are two considerations for the financial institution (FI):
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I took a call the other day from a financial institution member who had the following scenario:
An account holder discovered that his account had received unauthorized debits every month for almost a year. The financial institution (RDFI) asked me if they could place a STOP PAY on these WEB transactions in order to prevent any further loss to the account holder.
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My brother and I decided to buy my Mom an eReader for Christmas. He made the purchase so I owed him about $100. Since I’m way too busy (code for lazy) and I really hate writing checks and mailing them, I decided to pay him electronically. As you know from my previous P2P blog posts, I’m still on the hunt for a great person to person payment service.
Most
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If you’ve ever been to an apple store, you know they are busy every day, at all times of the day and night. So their self checkout feature is definitely calling to me. Apple has a free app called the “apple store” which enables you to check-out yourself by scanning the item with the app on your iPhone. No need to stand in line to pay.
My kids and I popped in the apple store to purchase a new iPhone cord. We found the item on the shelf, launched the apple store app, scanned the item, signed in to my itunes apple account, and approved the purchase. A receipt was emailed to me. The debit or credit card associated with my itunes account was charged.
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