The world of money transfers has changed dramatically in the 21st century. The days of overnight deliveries of paper checks or payments getting lost in the mail are all but over. Today money moves electronically and quickly, through direct deposits (ACH) and money wire transfers. The Automated Clearing House (ACH) electronic network works to deposit funds fast, usually within 24 hours. A money wire transfer moves money from one bank account to another bank account, or a cash office, in the same day.
Well-established professional factoring companies typically offer unlimited and free electronic ACH transfers to clients. Receiving funding quickly and conveniently is a key benefit for these clients who can receive instant deposit notices from their banks and can monitor the deposits online. Some factoring companies also offer one free same-day money wire transfer per week, with small fees on subsequent requests for wire transfers.
Benefits of Money Transfers
- Saves time and money
- Eliminates need for paper checks and express deliveries
- Enables clients to instantly monitor bank deposits