You may have several options for sending bill payments, but most of the current remote businesses prefer Direct Deposit. This is mainly because it is a safe and convenient way to pay your bills. With the cloud-based platform, you may make direct deposits with a few clicks.
After the COVID-19 pandemic, the world has transferred to a new working setup: working from home. With the technological advancements, many have started small businesses remotely. As of 2023, 27% of U.S. employees are working remotely, and by 2025, approximately 36.2 million Americans will be working remotely. People can perform their tasks from any location with an internet connection, instead of working in a traditional office environment. This allows them to freely set their working schedules and have the flexibility to achieve a better work balance.
Even though all these freedoms are there for remote companies, they may face certain challenges regarding payments. If you are a remotely working company, with hectic operational duties ahead, paying your vendors must be a difficult task. This is because most of your vendors will be in different locations. As you are working remotely it will be difficult for you to go in person and pay or use the traditional payment method. When using traditional methods for vendor payments, can lead to late payments. This late payment can severely create a bad impression on your vendors and they may even stop supplying goods.
So, are you a Remotely Working Company Owner looking for an efficient method to pay bills to vendors?
Then you are certainly on the right platform! With Zil, you can easily pay your bills using the Direct Deposit option. The platform makes it simple for you to send payments with a few clicks. As the payments will be directly deposited to the vendor’s checking account, they will find it easy to access payments. Let us look more into the direct deposit feature of the platform.
What is Direct Deposit
Direct deposit is the depositing of funds electronically into one’s financial account using the ACH network. The recipient must provide the sender with their financial information, or a void check to receive direct deposit payments. For transferring these payments, the account is not required to belong to the same financial institution. Therefore, businesses can use direct deposit to easily pay anyone even if they do not belong to the same financial institution. In the U.S. the ACH network is used for processing payments through direct deposits.
Use the Direct Deposit for Bill Payments
With Zil, paying your vendor bills is simple and convenient. You may use the platform for setting direct deposit/ ACH for paying vendors efficiently and securely. You have the convenience of using the platform from anywhere at any time. Therefore, paying bills using the direct deposit feature of the platform will be very helpful, especially for remotely working companies. You will be able to complete the transfers effortlessly with a few clicks. All you need to do is:
- Just log in to the platform.
- Add your business checking account.
- Select from the Pay As ‘ACH/ Direct Deposit’ option.
- Enter payee details or email and send your payment.
The platform also helps you to record every transaction for future use. So, you will be up to date with your bill payments.
Reasons for Making a Switch to Direct Deposits for Bill Payments
- Convenience: Paying your bills via direct deposit is convenient with Zil. The platform allows you to pay your bills from any place using your computer, smartphone, or tablet. This is very helpful for remotely working companies as they do not need to visit their financial institution to do the transfer. You can also set up one-time as well as recurring bill payments with the platform. So, you do not have to remember bill payments each month.
- Saves Time and Money: As everything is automated in direct deposits, it can save you money as well as time. Also, there is no hassle of doing manual paperwork connected to traditional payments when you are using direct deposit.
- Security: Since NACHA oversees these payments, direct deposits/ACH is very much secure. They come with strict rules and regulations for any financial institution involved in direct deposits. As a result, all the sensitive information is encrypted by NACHA.
How Long Will a Direct Deposit Take to Reach Your Recipient?
Direct deposits with Zil usually take 4-6 business days to reach your recipient. This is because it involves two ACH transfers. First of all, the platform collects payments from the payer’s checking account. Then, this payment is transferred to the payee’s account as another ACH.
If you want a faster service, you can opt for same-day ACH transfer from the platform. In same-day ACH transfer, the payments will reach the recipients in the next business day. So, this will be a great option when it comes to urgent payments.
The Conclusion
If you are a remotely working company, you will find it difficult to pay your vendor bills. The bill payment concerns can be solved and you can focus on operational efficiency by using Zil’s direct deposit option. You may easily set up one-time as well as recurring payments using the platform. For urgent bill payments, consider the platform’s same-day ACH transfer. So, check out the platform, for fast and affordable direct deposit!
