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Collect and submit payments electronically to and from customer's accounts.
The ACH (Automated Clearing House) makes collecting payments from customers easy and efficient. It does the same for remitting payments to vendors or employees. Collections are usually deducted from the customer's checking or savings account. Payments are deducted from your business checking or savings, and then deposited into your vendor's account. Because the ACH transfer is handled electronically, you save on paperwork and unnecessary costs. Payments and collections can be set up automatically, which improves cash flow and predictability of cash levels.
Direct deposit offers a safe, convenient way to pay your employees. By automating this function, deposits into your employees' accounts eliminates the need to print, issue, and reconcile paper checks. This also alleviates concerns about lost, stolen, or altered checks. More information on Payroll Services.
Lake City Bank's ACH Service will allow your business to save time and reduce processing costs such as printing, mailing, and processing checks, as well as to increase the predictability of your funds.
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