ACH Payments

Payables Permissions: See each section below for specific access permissions. 

Activate ACH as a Payment Method

To set up ACH payments in Centime, ensure that all of your overall company and controlling information is complete and your financial institutions are connected.  Please follow instructions here on how to activate ACH as a payment method. 

Configure ACH Globally

Required Permission: Manage AP email and payment settings

ACH can be configured globally by navigating to Settings > Payables > Payment Settings. Under ACH payments, you can set your default funding account for ACH and decide if you want to group payments or not. These settings can be changed on the supplier level in a vendor's Supplier Profile. 

Configure ACH by Supplier

Required Permission: Manage supplier communications and payment settings

To configure ACH on the supplier level, navigate to a Supplier Profile in the Payables module by clicking on their name in any of the tabs (Supplier, Documents, Unpaid Invoices, Paid Invoices). 

Once in a Supplier Profile, navigate to the Payments tab and expand the ACH section. 

These settings pull from the global settings detailed above. To deviate from the global settings, you can select a different bank account and modify payment grouping. 

In this section you must also add the correct routing number and bank account number for your supplier to receive ACH. If you are using NetSuite, ACH details should sync in from Bank Payment Details in your vendor record. 

Make an ACH Payment

Required Permission: Schedule payments and manage the AP workflow (recall, mark paid, post)

To schedule a payment on an invoice, click on the 'Pay' action in the 'Unpaid invoices' tab. 

Here users have another opportunity to modify the payment method and the default funding account for it by clicking on the payment method.

Select the invoices you'd like to pay and click Confirm. 

If you do not select a payment date, then the system will assume that it is the earliest possible date once approved. 

When you click Confirm, you will have one final opportunity to check the payment before clicking Confirm again which will send it to the payment approver (if payment policies dictate). Users can also add notes which appear on the remittance to the supplier upon payment release. 

Payment timing

Each ACH payment involves an ACH debit from the Centime customer's account and a credit to their supplier's account. Standard ACH follows a good funds model, where the debit must clear before the credit is issued. Centime does not delay or hold funds longer than is necessary for clearing purposes.

Centime also offers Same Day ACH, which significantly decreases payment times. If you are interested in Same Day ACH, please speak with your customer success manager. 

Note, due to NACHA rules, transactions above $1M will require an extra day for delivery (see below)

 

ACH Payments will not be processed on federal holidays. 

 

Standard ACH
Payment Approved:	Customer Account Debited on:	Supplier Credited on*:
Before 8:15pm ET Today	Today	Today + 3 Business Days (2pm ET)
Before 11:30pm ET Today	Today + 1 Business Day	Today + 3 Business Days (2pm ET)
Same Day ACH
Payment Approved:	Customer Account Debited on:	Supplier Credited on*:
Before 12:15pm ET Today	Today	Today (2pm ET)
Between 12:15pm-2:00pm ET Today	Today + 1 Business Day	Today (6pm ET)
After 2:00pm ET Today	Today + 1 Business Day	Today + 1 Business Day  (2pm ET)

For payments about $1M

 

Standard ACH
Payment Approved:	Customer Account Debited on:	Supplier Credited on*:
Before 11:30pm ET Today	Today + 1 Business Day	Today + 4 Business Days (2pm ET)
Same Day ACH
Payment Approved:	Customer Account Debited on:	Supplier Credited on*:
Before 11:30pm ET Today	Today + 1 Business Day	Today + 1 Business Day  (2pm ET)

*Precise timing for the ACH credit depends on the receiving institution.

 

How ACH Transactions Appear on Bank Statements

In addition to the rich remittance sent via email, Centime includes information in the ACH debits and credits themselves to help identify them.

The AP Customer's (payer) Statement

 

The Supplier name and invoice number are included in the ACH debit description.

 

The Supplier's (payee) Statement

The Centime AP Company/payer name and invoice number are included in the ACH dredit description.

Note, while Centime includes this information with the transaction, the precise data displayed to the supplier will depend on their online banking platform. Not all platforms display the full description.