Direct Deposit - Direct Deposit is a credit program that transfers funds into a consumer's account at the Receiving Depository Financial Institution. The amount deposited can be from a variety of products, such as payroll, interest, pension, dividends, etc.
Pre-Authorized Bill Payment - Preauthorized payment is a debit program enabling companies with billing operations to collect funds from consumers thorough the electronic transfer of bill payment entries.
The consumer grants the originating company authorization to collect periodic charges to his or her account as bills come due. This concept has been successful in both recurring bills of regular amounts (mortgage payments) and variable amounts (utility bills).
If you can create this report ....
.... ACH Universal™ can produce this for you:
We provide comprehensive default features and fields that you can use -or override- at any time. With ACH Universal™, you have full control of every field in the ACH-NACHA formatted file.
In addition, you can easily create profiles for your customers, employees and vendors which store detailed information - similar to a payroll package's employee profile that contains name, address, tax information.
-- Or --
If your accounting package, billing system or in-house solution allows you to prepare reports with account numbers and ABA routing numbers, you can simply import a single file that looks like this: