May 5, 2019
Braces aren’t inexpensive, therefore many orthodontists offer payment plans. But they’re in the smile business, not the payments industry. That’s why they turn to OrthoBanc. OrthoBanc doesn’t offer financing, but rather manages payment plans offered by orthodontists and dentists, as well as veterinarians and other medical practices. When you’re working with your customers’ customers it’s important to be at the top of your game. For OrthoBanc, that strategy includes being Nacha Certified.
April 29, 2019
There are banks that look at Third-Party Senders and—right or wrong—have their doubts. Wayne Gonzales gets it. In his experience, many Originating Depository Financial Institutions (ODFIs) “really aren’t interested in Third-Party Senders because of the additional compliance requirements. And they don’t know who the end customer is.” As Payment Data Systems’ senior vice president of risk management and compliance, Gonzales understood their point of view. He also set out to change it. The method he used: becoming Nacha Certified.
April 2, 2019
You hear a lot about how the gig economy is perfect for Same Day ACH. And it is. But Jessica Koenig also keeps in mind what she calls “the forgotten gig economy.” “Before there was Uber and Lyft marketplace apps you had consumer direct sales firms with independent sales reps and owner-operator truck drivers. There are plenty of other use cases with independent contractors or sole proprietors that need to get paid, but don’t fit into this app and marketplace phenomenon,” said Koenig, founder and chief product officer at KyckGlobal.
February 7, 2019
At 36 pages, the criteria for becoming a Nacha Certified Third-Party Sender “is a little daunting when you first look at it.” That’s what Becky Wagner thought—though she’s quick to add that Nacha helped at every step of the way. Wagner is a senior compliance analyst at Paychex, which became Nacha Certified in April 2018. Rochester, New York-based Paychex serves some 650,000 payroll clients, and pays one out of every 12 private sector workers in the U.S. Paychex had been looking into Nacha certification, but wasn’t sure if it was the right time.
January 30, 2019
After a day of filling cavities and fitting crowns, your dentist is entitled to be paid, and the easiest way is to make the entire claims process electronic. But with so many dental practices being fairly small, they could sure use a hand. Financial institutions of all sizes should be at the ready to lend that hand.
January 24, 2019
Payments fraud “remains rare” in the U.S., with ACH payments having the lowest fraud rate by value, a new Federal Reserve study found. “Changes in U.S. Payments Fraud from 2012 to 2016: Evidence from the Federal Reserve Payments Study,” released late in 2018, surveyed depository institutions, collecting data for 2012 and 2015. It found that payments fraud “represents only a fraction of 1 percent of the total value or number of payments.” And where ACH is concerned, the Fed reported that “the fraud rate, by value, for ACH payments was low and stable.”
December 12, 2018
The healthcare industry has been quickly moving to electronic claim payments in recent years, but there are still significant “pain points” that need to be addressed, a senior Nacha official told a federal advisory panel. Since the Nacha “CCD+Addenda” was designated as the healthcare EFT standard in January 2012 its adoption has been “robust,” said Michael Herd, Nacha senior vice president, ACH Network Administration.
November 1, 2018
Sometimes you can find answers around the corner. Other times, you have to fly 20 hours. For Leticia Mentz, it was the latter. Mentz is with the Payments Association of South Africa, or PASA, where she looks after industry capacity building and communication. She recently came from Johannesburg to spend a week visiting Nacha headquarters, where staffers shared their expertise. She described the United States and South Africa as “different countries with the same issues” and called Nacha “a like-minded organization” to PASA.
October 26, 2018
Here at Nacha Elevation Consulting, we’re ready to help you navigate the challenges associated with receiving and applying remittance data from electronic payments. Our team can help you develop the strategies and processes you’ll need to fully capitalize on faster payments. That’s why when we read Ernie Martin at ReceivableSavvy’s list of five challenges companies face when dealing with remittance data from electronic payments, we knew we had to share!
November 12, 2017
Amid the ongoing storm of industry activity, having all of the information at your fingertips to answer any questions you have about the payments system is nearly impossible. Organizations need a trusted party to assess their situation, answer questions within the context of their unique organization, and provide the best guidance regarding next steps and approach.