Paychex Announces Same Day ACH Functionality, Offering Clients Greater Pay Day Flexibility than Ever Before
Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, today announced the release of Same Day ACH functionality for clients using direct deposit. With Same Day ACH, employers now have the flexibility to pay employees via direct deposit on the same day they initiate payroll. The announcement coincides with the first day Same Day ACH is made possible in the payments industry by NACHA, the Electronic Payments Association.
Same Day ACH offers employers greater payday accuracy by ensuring employees are paid the correct amount on payday, even if there are last-minute adjustments that need to be made. Previously, emergency payrolls or changes made on payday for employees with direct deposit would have been paid on the following business day or by another payment method, such as a paper check, with the employer, and in some cases, the employee, potentially incurring fees in the process.
“Paychex is proud to offer our clients Same Day ACH transactions on the first day it’s available in the payments industry,” said Paychex president and CEO Martin Mucci. “The timeliness of this offering demonstrates our commitment to delivering the very latest technology solutions to better serve our clients and their employees.”
Through Same Day ACH, virtually all types of ACH payments will be eligible for same-day processing. Only international transactions and high-value transactions above $25,000 will not be eligible. The new capability is part of a larger effort by NACHA to introduce faster payment services for businesses and consumers who want and expect their money to move faster.
For more information on Same Day ACH, visit NACHA’s dedicated Same Day ACH Resource Center at https://resourcecenter.nacha.org/.