Many consider banks for handling their ACH for payroll processing because they trust their bank with other services from checking accounts to their credit line to direct wire transfers.
However, does doing ACH direct wires and other services translate into effective ACH direct deposit payroll processing? What could go wrong if you just have your bank handle both?
The answer: plenty.
Best-of-Breed vs. Convenience
Banks offer a litany of services. How do you know how good they are with your payroll funds? Just because they’re good at loaning money and recouping their investment, and performing ACH direct wires, does this make them an ACH for payroll direct deposit processing expert?
Cachet Financial Services is the best on the market providing ACH for payroll direct deposit processing services, because this our primary service. In business since 2001, we’ve processed approximately $130 billion dollars annually in ACH transactions for over 110,000 employers.
And your funds are still federally insured because they are settled with our bank.
Cut Your Costs in Half
Banks offer a variety of services at low costs to lure you into services on which they make much higher margins. That’s what we call a “loss leader.” ACH for payroll direct deposit processing is a banking loss leader in which high mark-ups are common.
Why pay this premium when you don’t have to?
This is why we typically cost half the price as banks for ACH for payroll direct deposit processing – and we don’t try to sell you a variety of other services you don’t need.
Does your bank offer aggressive ACH payroll processing rates? If so, we guarantee that we’ll beat them by at least 10%.
Never Be Out of Balance Again
Organizations can easily get out of balance with payroll taxes owed because of the constant flow of payroll funds. Paying these funds quarterly also makes them less “top of mind.”
Yet, being out of balance can cause you to go bankrupt or go to jail, as it can appear to the IRS as tax fraud and/or embezzlement.
So why don’t more organizations pay closer attention? Because it’s either incredibly time consuming or they can’t trust their bank to do it.
Fortunately, things have changed. The best way to prevent being out of balance today is to use our service Quantum, where Payroll Funds, ACH, and Banking meet.
Someone You Can Trust
Cachet Financial Services makes sure that your ACH direct deposit payroll processing is executed flawlessly, cost-effectively and in a way that can be easily reconciled.