ACH - Direct bank integration
To process ACH transactions, Your PayorCRM account can directly connect to your bank to trigger ACH payments. You may reach out to solutions@payorcrm.com to set this up.
During implementation, We may require the following information from your bank to set this up
Immediate Destination (record 1: 4-13):
Immediate Origin (record 1: 14-23):
Immediate Destination Name (record 1: 41-63):
Immediate Origin Name (record 1: 64-86):
Company Name (record 5: 05-20):
Company Identification (record 5: 21-40):
Company Entry Description (record 5: 41-50):
Originating Dfi (record 5: 80-87):
SFTP account details:
Funds settlement time
With the Direct Bank Integration option, All funds are settled on the next working day.
Process flow
Usual implementation steps
Introduction to Bank Point of Contact (POC):
You will introduce us to your Bank Point of Contact or Account Manager (Bank POC) via email.
Configuration Inputs and SFTP Details:
PayorCRM will request the necessary configuration inputs from your bank. These include the details mentioned above, as well as information about the bank’s SFTP (Secure File Transfer Protocol) configuration.
Test ACH File Generation:
PayorCRM will create a test ACH (Automated Clearing House) file using dummy data. This file will be shared with the bank via the SFTP location set up in the previous step.
Bank Validation:
The bank will validate the test ACH file to ensure its accuracy and compliance with ACH standards.
Go-Live Approval:
Once the bank confirms the validity of the test file, they will give the go-ahead for the system to go live.
Account Setup for Live Transactions:
PayorCRM will configure your account to start processing live ACH transactions.
Testing Live Transactions:
To verify the live transaction process, you will create a test transaction using a dummy customer and a $1 invoice.
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