When it comes to startups, the United States leads with 82,038 startups, followed by India. Despite their growth, the journey of being an entrepreneur is challenging as well as exciting. One of the most important challenges a startup may face is handling regular payments. This can include paying vendors, suppliers, and service providers. When you choose to make these regular payments using traditional methods, it can be slow, expensive, and hard to track. These methods often fail to meet the unique demands of startups, which require a cost-effective and scalable solution. This is where ACH transfer comes into play!
In this blog, let us see how ACH transfers help a startup in handling their regular payments.
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What Are ACH Transfers?
ACH transfers are funds transferred electronically through the Automated Clearing House network. These transfers are securely managed and regulated by NACHA. ACH transfers make life easier for the sender as well as the recipient.
ACH transactions are of two types – direct deposits and direct payments. When you receive an electronic transfer made from a business or government entity, it is a direct deposit. These can include paychecks, employer-reimbursed expenses, government benefits, tax refunds, etc. If you are paying a bill, sending money to your friend, or paying a vendor, it is direct payment.
Make ACH Payments Using the Cloud-Based Platform
As a startup owner, utilize Zil.US to make ACH payments with a few clicks. Since the cloud-based platform is an official NACHA member, send your ACH payments securely and efficiently. You may make one-time or recurring ACH payments on the platform. By setting up recurring ACH payments on the platform, you will not skip any payments. Also, you will be able to make payments on time.
When you use traditional methods, you will have to visit your financial institution to make payments. As a startup owner, you may be busy handling your business. In between that, you may not get time to visit your financial institution regularly to make payments. So, utilize the platform and make ACH payments from anywhere at your convenience.
Get Paid on Time Using ACH
When you run a startup, collecting payments from your customers is equally important as sending payments. So, you will need an efficient method to collect payments on time from your customers.
When you utilize traditional methods to collect payments, it can come with delays. These delays can easily affect your startup’s cash flow as well as your financial stability. Also, traditional methods can come with a lot of paperwork and manual assistance, which leads to mistakes. All these can further delay your payment collection. Therefore, utilize manual ACH on Zil.US and collect your client payments on time.
Alternative Payment Methods Available
Besides ACH payments, you may use Zil.US to make payments via wire transfers and virtual cards.
Wire Transfers
As your startup grows, you may be collaborating with international vendors. When you utilize traditional methods, you may not be able to pay these international vendors on time. Therefore, you will need a fast and secure method for this.
Utilize wire transfers on Zil.US to make international vendor payments on time. This is one of the fastest methods you can ever rely on. To make an international transfer on the cloud-based platform, you will need a SWIFT/IBAN code. Other than the international wire transfer option, the platform also offers domestic wire transfers.
When you have to make a large vendor payment immediately, the best option you can consider is domestic wire transfers. You can settle a domestic wire transfer within a few hours using the cloud-based platform. To make adomestic wire transfer on the platform, you will need a routing and account number. So, make domestic and international wire transfers effortlessly using the platform.
Virtual Cards
When running a startup with tight cash flow, every dollar matters to you. Therefore, you have to carefully manage expenses such as inventory, operations, emergencies, etc. To manage these expenses efficiently, Zil.US offers virtual debit cards. You may get multiple virtual cards on a single account using the platform. Unlike a physical card, you do not have to wait for these cards to arrive in the mail. The cloud-based platform allows you to activate and use them instantly.
You may fund the virtual cards from your checking account or wallet on the platform. As you can get multiple virtual cards on the platform, you may share them with your employees by setting spending limits. You may assign a virtual card to each of your employees for various purposes. For example, you may assign a card to an employee for managing inventory expenses and another one for managing emergency expenses. This can help your employee pay for expenses without waiting for your approval every time. Also, you will have control over your finances and reduce overspending.
Conclusion
As a startup owner, making payments to your vendors, suppliers, and service providers is easy with Zil.US. To cover this regular payment, the cloud-based platform offers you ACH transfers. You can make one-time or recurring ACH payments on the platform. Other than sending payments via ACH, you may send payments via wire transfers and virtual cards on the platform.
