Pre-Authorized Payments Pre-Authorized Payments
Enables companies to debit their vendors or clients in accordance with a pre-authorized agreement. Examples include life Insurance debits, health club debits, and so forth. A company that does the following could benefit from using pre-authorized payments:
- Collects repetitive or semi-repetitive consumer payments
- Initiates ACH debits to consumer accounts and credits the corporate account
- Eliminates check processing and sending remittance information
- Has a large number of recurring payments
- Needs to improve cash flow forecasts
- Has customers who demand convenience of electronic deposit