If you’re looking for a way to move money faster and more efficiently without relying on checks, you have two primary options: ACH transfers and wire transfers.
Both are secure ways to send funds, but they serve different purposes depending on your business needs.
ACH Transfers: A Cost-Effective Option for Everyday Payments
ACH (Automated Clearing House) transfers are a great solution for businesses making regular payments such as payroll, vendor invoices, and recurring bills. These transfers process in batches and typically settle the next business day. If you need faster delivery, same-day ACH is available for an additional fee.
When to Use ACH:
- Paying employees via direct deposit
- Recurring payments to vendors or suppliers
- Recurring Collections from customers or patients
- Lower-cost transactions that aren’t time-sensitive
See how easy it is to initiate an ACH transfer in our Online and Mobile Banking – Click here for a preview.
Wire Transfers: Instant Access When Timing Matters
For transactions that require same-day settlement, wire transfers are the better option. Unlike ACH, wire transfers move money directly between banks, making them ideal for urgent or large-dollar payments.
When to Use Wire Transfers:
- Large payments that must settle today
- Time-sensitive business transactions
- High-value deals where immediate confirmation is needed
Maximize Efficiency with Wire Manager
Instead of calling or visiting your local banking center to initiate a wire transfer, Colony Bank’s Wire Manager makes the process faster and more convenient.
- No Callbacks – Save time without waiting for confirmation calls.
- Extended Deadline – Initiate wires until 5:30 PM (vs. 4:00 PM branch closing time).
- Convenience – No need to visit a branch or wait on hold.
- Faster Processing – A more efficient way to send money.
- Cost Savings – Receive a discount on wire transfer fees.
See how easy it is to send a wire using Wire Manager – Click here for a preview.
Ready to simplify your business payments? Click here to learn more about Colony Bank’s Treasury Solutions.
