What You Need to Know: Enhanced ACH Processing

What You Need to Know about Enhanced ACH Processing

QuickFee is proud to launch an exciting new enhancement to the way we process your ACH/EFT transfers. What does this enhanced ACH processing mean for your firm? From now on, we’ll be working directly with two trusted banks to process your ACH transactions.

By working directly with the banks instead of using a third-party ACH processor, we’re bringing our firms an even better experience. Read on to learn why 👇

Enhanced ACH Processing vs. Traditional ACH

An ACH or “Automated Clearing House” transfer moves funds electronically between two bank accounts in the United States, at no cost to the user. Due to their convenience and lower processing costs, ACH transfers are often used for regular expenses like direct deposits, bill payments, and business-to-business payments.

ACH management can also be complicated, so most payment providers will opt to work with experienced third-party intermediaries in the ACH Network. While this is a standard practice in financial services and technology, QuickFee has chosen to take our ACH service to the next level.

Key Benefits of Enhanced ACH Processing

Direct ACH management brings many benefits, from better customer service management to faster ACH settlement times. With no middleman for ACH transactions, QuickFee will be better able to expedite the settlement process for your firm.

Here are the most important benefits you can expect:

  • Faster ACH settlements (2-3 days) than industry standard: This comes at no extra cost to you.
  • Improved report timing: From now on, firms will receive two separate daily settlement reports: one for Card and one for ACH. Your ACH settlement reports will become available the same day that the funds are deposited. The Card settlement report will continue to be available the day after deposit.
  • Simplified reconciliation: ACH Returns and Refunds will no longer be deducted from your settlements. Instead, they will be debited separately from your firm, simplifying your receipting and reconciliation process.
  • Better customer support: Since QuickFee will be working directly with the banks, we can better manage all your customer support issues directly and promptly, instead of relying on a third party.

Frequently Asked Questions: Enhanced ACH

What Banks Are You Using?

We are now processing ACH transactions through two banks: Florida Capital Bank (FLCB) and First National Bank of Omaha (FNBO). These banks were selected because they have a solid understanding of not only the dynamics inherent to third-party senders, but also the compliance, regulatory, and operational complexities associated with the enhanced ACH model.

Using two banks also creates redundancy for ACH transactions. This ensures our clients are always covered and that there are contingencies in case of an emergency.

  • Florida Capital Bank (FLCB) – A nationally-chartered bank headquartered in Jacksonville, Florida that has maintained a third-party sender program for over 15 years.
  • First National Bank of Omaha (FNBO) – FNBO has been around for more than 165 years and has 20 years of expertise in processing for third-party senders.

When Does the Enhanced ACH Processing Begin?

First and foremost, there should not be any impact on process when your firm transitions to enhanced ACH. QuickFee began migrating firms in February 2024 and it will continue through the end of March. If you’re an existing customer, you may have already seen email communications about this change.

If you have any questions about when your firm will go live, please reach out to your Relationship Manager.

Other Common FAQs

Q: What will change for my firm?

Returns will be directly debited from your account, and you will receive settlement notifications on the day of the deposit.

Q: What will change for my client?

There is no impact on your clients from this change.

Q: Are there any steps I need to take?

You should confirm that the QuickFee Company ID 1810887694 is added to any blockers, filters, or exceptions you have in place on your business/personal bank account (often referred to ACH Positive Pay.) This allows QuickFee to authorize any payment against your bank account (i.e. returns, refunds.)

Q: Can I expect my ACH timing to be faster?

The settlement window for ACH settlement will be in 2-3 days, which is faster than industry standard. Transactions before the processing cutoff (4pm PT/7pm ET) will be deposited two days later.

Q: Who do I contact for any issues on my ACH payments or statements?

Please contact support@quickfee.com for any issues you experience with your payments or statements.

Q: Will there be any changes to my settlement statement?

No, there is no change to your settlement statement except that it will arrive faster. You will see settlement statements on the day of the ACH transaction (instead of the day after.) The settlement statements for Card transactions will be separate and their timing will remain unchanged.

Q: Is there any pricing change for ACH payments?

No pricing change for your firm. All the benefits come at no additional cost!