Built Pay offers two ways to make bank transfers - ACH or wire transfer.
Built Pay offers you two types of bank transfers:
- ACH (Automated Clearing House) transfers - The most common bank transactions being facilitated in the US are ACH transfers. They can also be referred to as direct deposits, direct payments, or electronic checks. This is how an ACH transfer works: The bank uses the ACH network to process transactions in batches three times per business day which is why the total processing time can range from 3-4 business days. However, they are quick and can be reversed within five business days should they meet specific criteria - wrong dollar amounts, incorrect account numbers, or duplicate transactions - making it safer to use.
- Wire transactions - A wire transfer is usually a quicker way to send money to your vendor’s bank account. With wire transfers the payment details are transmitted to the other bank almost immediately. The main difference is that wire transfers are not reversible should there be any mistakes. So make sure to review the transaction carefully before initiating the payment.
This table will help you understand the differences:
|
Delivery method |
Delivery time for up to $100K |
Delivery time for over $100K |
|
ACH |
3 full business days |
4 full business days |
|
Wire transfer |
1 hour |
1 hour |
IMPORTANT NOTE: Delivery time is a result of the type of payment method used to send transfers. This means that you should consider the processing time of the payment method and the processing time of the delivery method.
For example: Let's say you are paying a bill from your bank account via a wire transfer.
The payment will take 3 full days to process the ACH plus 1 hour to process the wire transfer.
To learn more about Built Pay payment and delivery methods, see this article.