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The Elevation Blog

5 Reasons Why It’s Crazy for Businesses to Write Checks

Posted by Robert Unger on Jul 20, 2017 11:21:20 AM

Remember the Saturday morning “Jetsons” cartoon when George Jetson took his dog Astro out for a walk on the space treadmill?  Yikes!  He got sucked up into a never-ending, out-of-control spin cycle, screaming “Jane, stop this crazy thing!” 

Similarly, many businesses are stuck on the check-writing treadmill, and the spin cycle is cranking out an unfathomable 20 million commercial checks each day.  

Jane, stop this crazy check thing!  Here’s 5 reasons why it’s crazy for businesses to write checks.

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Topics: ACH, Automated Clearing House, Receivables, Business, Fraud, Debit Payments, ACH Debit, Payer, Payee, Checks, Managing Cash, B2B

Unlike Algebra, Businesses Need to Know About ACH Payments: Free Webinar Recording

Posted by Robert Unger on Jul 13, 2017 9:34:14 AM

If you’ve experienced the “joy” of having teenagers matriculating through middle and high school, you’ve no doubt heard the question, “Why do I have to take Algebra?”  

I know with each darling little one of mine, I tried to articulate the importance of problem solving, mastering methodology, applying logic to formulas, etc.  But, I gotta admit, I’ve never encountered a need to solve a quadratic equation post algebra class, and I still went to college, got jobs, married and am enjoying an Algebra-free life. Of course I couldn’t tell my kids that.  Better that they suffered through it like I did!  

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Topics: ACH, Automated Clearing House, Receivables, Business, Webinar, B2B

Call it EFT or ACH or EDI – But They’re Different and It Matters

Posted by Robert Unger on May 22, 2017 7:23:03 PM

What is the difference between EFT, ACH and EDI? 

We here at NACHA-The Electronic Payments Association often get asked this question from business financial teams - even from seasoned financial pros.

The quick answer is that all ACH (Automated Clearing House) payments are EFTs (Electronic Funds Transfers), but not all EFT payments are ACH.  And EDI (Electronic Data Interchange) is not a payment.

 

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Topics: EFT, Electronic Funds Transfer, ACH, Automated Clearing House, Business, EDI, Regulation E, Electronic Data Interchange, Financial Professionals

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