By Brandon Orr, Regional Manager
As we continue the last quarter of 2015, many businesses evaluate several different vendors and partners being utilized within the organization. That being said, there couldn’t be a better time to begin evaluating ACH direct deposit payroll processing services as well. Because of the risks associated with processing ACH, federal regulators are placing a great deal of pressure on banks when it comes to ACH processing. As if the average service bureau doesn’t already have enough on their plate, these banks are now required to do additional audits and background checks on their clients.
There’s been industry chatter that two national, well known banks will no longer be processing ACH for payroll service bureaus within a certain region of the country. Come next year, who knows what the ACH space will look like. To ensure that you don’t wake up one glorious morning and not have ACH, it is highly recommended to include it in your end of year evaluations. In the case that an emergency arises, you’ll be aware of what options you have. Lastly, always remember to have a backup processor. There is no guarantee that your primary processor will be able to accommodate every need, especially in a dire situation.