FedACH^® Services

The rising river of ACH payments

August 2012

Health care payments already flow through the automated clearing house (ACH) payments stream, and many more join the flow every day, with the potential to overwhelm health care providers, large and small, with a flood of payments to apply.  The increasing demand for actionable ACH payment-related information, such as invoice numbers, is easily solved by the FedPayments^® Reporter Service. 

 

 

Are your account holders swimming upstream?

Imagine the staff at a nearby doctor’s office trying to match up a growing number of payments to open invoices.  Perhaps employees at a local extended care facility are busy trying to match Social Security beneficiary payments to representative payees under their care.  Do you have dental offices, pharmacies or physical therapists as account holders?  Beyond health care providers, do you have family grocers, dress shops or other small-business customers?  Applying ACH payments to invoices is a challenge shared by most businesses, large or small, that receive payments via ACH.  Consider the business opportunities for a financial institution to be able to come to the rescue with FedPayments Reporter Service.

 

Throw your customers a life line

The FedPayments Reporter Service can help your institution provide that much-needed ACH payment detail to your health care provider, corporate and business clients, all generated and delivered automatically. 

The service has human-readable reports to help any type of business match ACH payments received with open accounts receivable entries.  There are also two formats of a machine-readable payment data information file to enable straight-through processing for companies with electronic data interchange (EDI) or NACHA^®-compatible accounts receivable systems.

The service’s Remittance Advice Detail and Summary Reports convert payment-related information, such as invoice numbers, into human-readable reports.  Similarly, the human-readable Social Security Beneficiary Report helps receivers, such as extended care facilities, match payments to people.  This data is also available in either of the machine-readable file formats.

The FedPayments Reporter Service can help your institution create value for current customers and, in turn, reap the rewards of providing these value-added services.

Need more information?

Explore all the ways the FedPayments Reporter Service can help your institution navigate the rising river of ACH payments.  Look at samples of reports (PDF), view FedPayments Reporter Service Report Descriptions (PDF) or join us for a FedPayments Reporter Putting the Service to Work seminar.  And, as always, you can use the My FedDirectory^® Service to find contacts such as account executives and FedACH sales specialists, specific to your institution.

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