When Emergencies Arise, Same Day ACH is There for Deseret Management Corporation
Poet Robert Burns famously wrote that “the best-laid plans of mice and men often go awry,” and despite the best intentions, which applies at most every organization today. When it happens at Deseret Management Corporation (DMC), Same Day ACH helps get things back on track.
“We try to preach that you need to plan. Let’s work with our vendors, let’s work with our employees. But that being said, there are emergencies that come up,” said Michael T. Gregory, CPA, Director of Treasury Services at DMC, an operating company which manages for-profit entities affiliated with The Church of Jesus Christ of Latter-day Saints.
“For the most part we process everything with next day ACH. We use Same Day ACH for the purposes of when we have an emergency type of payment for things like payroll, or a vendor that just needs to get paid in a rush. It works very, very well for us,” said Gregory. He said DMC typically uses Same Day ACH “probably a couple of times a month.”
While Same Day ACH costs slightly more than standard ACH, “We really like that flexibility because the security is exactly the same as a wire. The funds are available immediately like a wire. It’s just a lot cheaper than a wire,” said Gregory, adding there are benefits beyond cost savings.
“Wires, in our environment, are custom. Same Day ACH just falls through our normal processing, so the hand touches and that very customized process of wire is eliminated as well. It’s not just the hard dollars that we see. It’s peoples’ time.”
DMC would also overnight checks in the days before Same Day ACH, and along with the cost, Gregory noted that “those didn’t end up being same day.”
Headquartered in Salt Lake City, DMC is on Mountain Time, so one of its wish list items for Same Day ACH enhancements is later cutoff times for payment submission. But overall, Gregory said they are “very pleased” with all of ACH.
As for the people and businesses receiving Same Day ACH payments from DMC, they also are fans. In fact, Gregory said, “We’ve had zero negative comments.”
