Payables Services

Automated Clearing House (ACH) – Electronic payments and collections via the Automated Clearing House (ACH) are the best way to streamline payables and receivables and reduce your costs of collecting and receiving payments. ACH transactions offer a host of cash flow benefits, including reduced payment costs, better control of payment timing, greater payment reliability and more accurate cash forecasting. The most common ACH applications are:

•    Payroll direct deposit
•    Pre-authorized debits and credits
•    Vendor payments
•    Cash concentration and disbursement*
•    State and federal electronic tax payments

There are multiple ways to originate ACH payments:
1.    File import, you create a pre-formatted file and send it via Paducah Bank’s Internet Banking for Businesses.
2.    You can also use Paducah Bank’s Internet Banking for Businesses to create and send batches of payments for origination.

*Cash Concentration and Zero Balance Accounts (ZBAs) – These are most beneficial for companies with more than one location making deposits into multiple accounts. Funds deposited into remote accounts at different financial institutions can be concentrated into a central master account via ACH transactions. This minimizes excess balances in the remote accounts, increases the availability of cash for other purposes (like investments or debt reduction) and allows for a greater return on cash resources.

Wire Transfers – Wire transfers are the most immediate, reliable and secure means of transferring funds available. They are usually most appropriate for high-dollar, time-sensitive transactions.

Direct Deposit– Payroll direct deposit has become increasingly common today as more and more employees have accepted the idea of having their pay deposited directly into their bank accounts, instead of receiving a paper check.

Direct deposit is a tremendous time saver for employees, who no longer have to worry about going to the bank to cash or deposit paychecks (not to mention losing their paychecks). For employers, direct deposit streamlines payroll operations, saves money in payroll processing costs, improves cash management and simplifies account reconciliation.