Transferring funds via ACH is more reliable, less expensive and it helps to ensure timely receipt of funds.
Wires are not guaranteed for same-day availability. On top of that, wires are managed and disbursed by a third-party – The Federal Reserve Bank. Tracking funds through a third party is difficult and time-consuming, which increases the time your company is without cash. Wires are expensive, as banks charge fees to initiate and receive wires. Wire fees increase with bank fees. Finally, wires usually post after 3:30 pm, which results in you paying much higher fees for very little extra time to use your funds.
First, banks charge less to transfer funds via ACH. Second, Scale Funding offers extra opportunities to save money if you use ACH payments. Since ACH payments are transfers directly between banks, no third party is involved – that minimizes delay of funds to you and offers Scale Funding more flexibility when issues arise. And finally, ACH funds are available for use at bank open the next business day.