How do you confirm an ACH has been received successfully?

JamieCarrollJamieCarroll Posts: 5
Conversation Starter Second Compass Anniversary Grant Lifecycle Manager (GLM) 5 Likes
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in Finance & Operations

Hey everyone,

We use ACH to pay our grant installments and send an email to confirm each one has arrived successfully.

I am curious to hear how others confirm transfers (in case there is a more efficient way to do this).

Thanks!

CathyWrightemilyszewczykGrettaKraus

Comments

  • WendyVendelWendyVendel Posts: 12
    Conversation Starter Third Compass Anniversary 10 Comments 10-Year Anniversary
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    Hello, Jamie.

    We engage with multiple touch points in the organization throughout the payment process to ensure multiple folx are expecting the payment and looking out for it. Ultimately, we send an electronic award letter the day the ACH is released which alerts both the primary contact of the org as well as request owner to this transaction and tells them if they haven't received the funds within 48 hours, to contact us. We also monitor bill.com to ensure ACH's are cleared within two days. Additionally, we do a penny test that is confirmed through bill.com.

    Happy to share more specifics if that would be helpful. For context, we process paymets twice annually, approx 200-250 each time.

    Thanks,

    Wendy

    emilyszewczykGrettaKraus
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