What is the estimated dollar savings of paying a vendor via ACH versus processing a check?
“Costs of payment by check range from $1.25 to $2 per check. ACH payments have a unit price dependent on volume, along with a file-processing charge. The more payments that are contained in a given file, the lower the cost per payment. When considering a fully burdened cost (internal labor & overhead) the cost of ACH ranges in the area of $0.40 to $0.80 per payment transaction. This cost range is also dependent on the organization and how efficient its disbursement processing systems are in transmitting and compiling electronic data. You will want to contact your bank for specific ACH fees.
Related Questions
- How will my personal account with our current savings plan vendor, which I have set up outside of the savings plan, work after the conversion?
- What will happen to the existing loan I have under the current savings plan vendor?
- How accurate are the estimated dollar savings and carbon emissions reductions?
