General Inquiries

ACH Vendor Payments

  • 1.  ACH Vendor Payments

    Posted 8 days ago
    We would like to start sending ACH payments rather than paper checks to our vendors.  We have approximately 2000 vendors … Does anyone use a service for this?  If so, is it worth it … or is a better option to just do this ourselves using Viewpoint's functionality?  Even though the set-up would be somewhat labor-intensive, I'm leaning toward doing it ourselves.

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    Loretta Kuust
    Controller
    HP Civil Inc
    Stayton OR
    (541) 720-0527
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  • 2.  RE: ACH Vendor Payments

    Posted 7 days ago

    There are services, but they take a cut from your vendors.  In my view, this risks timely and preferred pricing at bid time.  We are planning to do this ourselves in the near future, using Vista by Viewpoint. Their ACH payment system has everything, including vendor e-mail notices.  I think the extra setup work is worth it.

     

    Thanks,

    Ralph "Scott" Luman

    CFO | AES Electrical, Inc. dba Freestate Electrical | Freestate Baltimore, LLC

    Ph: 301-572-0131 | Fax: 240-294-5562

     






  • 3.  RE: ACH Vendor Payments

    Posted 7 days ago
    We are also on Viewpoint and started converting our vendors over to ACH payments about a year ago. The functionality within Vista makes this pretty easy to do internally. Our bank does not charge us any fees for ACH transactions, so it's a win-win - reducing the costs of paper checks at no additional expense. We've just worked on gradually getting our vendors to sign up using a standard signup form. Most seem to be agreeable to ACH payments versus paper checks.

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    Corey Hager CPA
    Chief Financial Officer
    Miller Insulation Co., Inc.
    Bismarck ND
    (701) 258-4323
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  • 4.  RE: ACH Vendor Payments

    Posted 6 days ago
    We too have started paying vendors via ACH and/or wire transfer.  My concern is that there are no controls in either process that would protect us if the vendor changed bank accounts and we were not notified.  Since we are sending payment this way as a benefit to us and it has not been requested from the vendor, I don't feel many, if any at all, would notify us of a change.  We have experienced one instance of payment being made via ACH that went to the wrong account.   Unfortunately for us the receiving account noticed the fairly large deposit and withdrew the money immediately,  The bank on their end was of no help and would not refund our money.  I have asked our bank if they had any solutions but I haven't heard back from them yet.

    After experiencing check fraud on our account last year and seeing how easily that can be done, I am very concerned over the instant money transfer with no safeguards in place.


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    Angela Norpel
    CFO
    KT Fabrication Inc.
    Chandler AZ
    (480) 497-3140
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  • 5.  RE: ACH Vendor Payments

    Posted 6 days ago
    Loretta,
    We use a company called Nvoicepay to handle all of our payments (checks, ACH, credit card) and have been very pleased.  We send a file along with the detail as to who to pay and they take care of paying our vendors.  The fees have been very reasonable, and with their help we have been able to convert several vendors to ACH and Credit Cards (which actually pays up back rebates).  I would highly recommend that you reach out to them.  Thanks

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    Chris Hyder CPA
    Chief Financial Officer
    Summers Taylor Inc.
    Elizabethton TN
    (423) 547-2206
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  • 6.  RE: ACH Vendor Payments

    Posted 3 days ago
    You should check out AvidXchange.  They will handle the payment process entirely and deal with the vendors directly to select either ACH, check or credit card.  They integrate with most of the ERPs.  Their software is easy to use, will saves you a lot of time and money and you will maintain control of the process.

    https://www.avidxchange.com/


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    Bernard Ross
    Co-Founder/Chief Strategy Officer
    Core Associates, LLC
    Delray Beach FL
    (914) 294-4441
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