In a new chapter of the partnership between the two companies that has been going strong for a decade, users of Adaptasoft CyberPay now have seamless integrated access to Cachet Financial Service’s drawdown Fedwire service.
CyberPay users have been able to use Cachet’s ACH direct deposit payroll processing for years through the Adaptasoft software. Now, Adaptasoft has programmed in the specifications so that Cachet drawdown can be selected as an expanded option through the CyberPay software interface.
The Cachet-CyberPay integration also makes it easy to provide their bank with required customer information as part of the Know Your Client (KYC) standard, and to easily associate Cachet drawdown with new customers as they are added.
Other ACH payroll processing services offer drawdown services, and a few also work with Adaptasoft. However, Cachet Financial Services is the only provider that offers seamless drawdown Fedwire integrated with Adaptasoft.
By “seamless,” we mean that there is no need for our team to manipulate your NACHA file for drawdown Fedwire processing. Simply choose the drawdown Fedwire option for each customer, submit your file and it is automatically processed as a pure, uninterrupted transfer.
Providers that need to open your NACHA file and manually identify which of your customers use drawdown Fedwire opens up the possibility for error in addition to taking longer to process.
Benefits of Drawdown
Drawdown Fedwire lets payroll providers and remarketers sleep well at night by providing added protection for riskier customers or transactions. The potential for sizeable NSFs are almost entirely eliminated, and drawdown allows you to provide payroll for those you have to otherwise turn down if drawdown was not an option without the additional expense of wiring funds.
In order to take advantage of our drawdown Fedwire service, there is a manual step but we make it as easy as we can. CyberPay licensee clients just need to authorize Cachet at their bank to provide drawdown Fedwire services, and that’s it. We either assist filling out the bank’s form or sometimes they accept our sample form if they don’t have one. The form just needs to be filled out once, so it’s “set and forget.”
Join our director of sales, David Taub, for a webinar on April 27 to learn more about:
- Cachet file for wire services
- Noted time savers
- NSF and return advantages
- Overall Cachet systems and services
If you’d like to take part in our webinar, contact us and we’ll send you the details.