FINSYNC is unique in that it has its own payments module when making use of the Automated Clearing House (ACH) transfer platform for bank-to-bank transactions in the United States. The uniqueness of the FINSYNC module is that neither party has to share private or secure banking information for transactions of these kind to occur.
- ACH credit transfers include direct deposit, payroll and vendor payments.
- ACH debit transfers include consumer payments on insurance, mortgage, and other kinds of bills.
Note: The ability to make transfers via ACH is an optional, paid service (See Pricing).
To enable ACH transfers, follow the steps outlined below:
1. Mouse over the Company Profile icon in the upper right corner and Select Profile Settings.
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2. Click Banking from the left menu.
3. Select one of your existing bank accounts from the drop down menu or create a new account.
Whether you select an existing account or create a new one, you will see a set of fields for recording your bank account details.
4a. Provide the following details about the bank account:
Name on Bank Account: The personal or business name under which the account is held.
Bank Name: The commercial name of the bank.
Reference Name: How the account should appear within FINSYNC.
Routing Number: A number unique to your bank, which is found on your checks.
Account Number: A number unique to your account within that bank, which is found on your checks.
Type (Account type): Choose the type of account you are adding (Checking, Savings, CD or Other).
4b. Scroll further down on the page (for existing accounts) to select the default bank accounts to be used when receiving payments, sending payments, funding payroll, and/or paying your FINSYNC subscription and/or fee's. Only ACH-enabled bank accounts are available for selection.
4c. Select Save Changes at the bottom of the page.
By filling out this information, you enable an account for ACH. You can then accept payments to the account through invoices sent to your customers, or make bill payments from the account.
Related Articles:
How to Add Your First Bank Account in FINSYNC
How to Sync When Adding Bank & Credit Accounts
Overview of Banking Transaction Fields
Understanding Transactional and Additional Fees