Posted June 26, 2017
Free webinar revealing survey findings to be held June 28
“The big growth in ACH payments anticipated by credit and receivables professionals in just three years is truly significant,” said RobUnger, Senior Director, Corporate Relations and Product Management, NACHA. “It demonstrates the growing importance of ACH payments to support the evolving needs and goals of businesses. Because they are electronic, allow for remittance in a variety of formats to be sent with the payment, are more cost-effective than some other payments options, and can be received quickly, ACH payments are becoming a very attractive option to both accounts payable and accounts receivable professionals.”
“Today, credit executives are tasked with managing cash flow from accounts receivable efficiently and effectively, and keeping the general ledger of accounts receivable as clean as possible,” said MattSkudera, VP of Research and Education, CRF. “Moving to electronic payments enables credit executives to meet these challenges by allowing for more consistent processes, greater control in operations, better management of cash flow position, and more. ACH helps credit executives get one step closer to the nirvana they all seek….. 100% straight throughput processing”
In addition to benchmarking current and future payment trends, the survey revealed reasons for the changes in payments use. According to the survey, internal factors (29 percent); technology improvements (28 percent); customer push (23 percent); cost (13 percent); and card/bank push (7 percent) drove increases and decreases in payment use.
Despite the actual and anticipated growth of ACH payments, businesses still face some issues with respect to ACH adoption. Overwhelmingly, credit and account receivables professionals want to be paid via ACH. Almost 80 percent cite ACH as their most preferred method of receiving payments. But barriers to receiving ACH payments still exist. Forty-five percent of credit and receivables professionals indicate that they have some customers that are not capable of sending ACH payments. Another 34 percent say that their customers can send ACH payments, but do not properly send remittance with the payment. And another 21 percent suggest that their organizations do not have the proper systems and/or resources to effectively use ACH.
“The survey clearly shows that there is great interest, use and opportunity in ACH payments,” saidUnger. “Continued education, exploration of new tools and services like robotic automation of cash application, and leveraging new tactics, such as effectively providing education and marketing ACH to customers, will help break down the barriers to adoption and allow businesses to reap the benefits ACH payments provide.”
On June 28, from 1-1:45 pm Eastern,NACHA and CRF will host a free webinar that will reveal the survey findings in full. To register, visit https://register.gotowebinar.com/register/464549543335303425. (Registration is limited to the first 500 registrants.)
About theCRF/NACHA Payment Benchmarks Survey
About Credit Research Foundation
The Credit Research Foundation is an independent non-profit, consisting of a dynamic community of like-minded senior/executive business professionals with a vested interest in maintaining a competitive advantage in the disciplines and processes related to credit and accounts receivable management. Membership contains a cross section of industry segments and representation from companies within the Fortune 1500. Visit crfonline.org for more information.