Business Direct Deposit & Automatic Payments
Business ACH Origination Services allow Landmark Business members to electronically process recurring transactions such as payroll direct deposit & automatic payments.
Types of ACH Origination Services Available
Direct Deposit - Employee Payroll
Simply deposit your total payroll at Landmark and the individual paychecks are electronically routed to the financial institution of the employee's choice, anywhere within the U.S.A.
Automatic Payments - Recurring Customer Payments
Receive recurring payments, like dues or insurance payments, from your customers electronically. Automatic Payments will pull funds from your customer's account (any US financial institution) and electronically put them into your business account at Landmark.
Funds are processed in a timely manner and on a consistent basis.
Diminish time spent on reconciling & disbursing payroll with electronically depositing payroll.
Reduce money spent on check depositing fees.
Reduce fraud by eliminating lost or stolen checks.
Landmarks ACH transactions are processed through Corporate Central Credit Union to the Federal Reserve Bank (FRB) system via an electronic file created by the business member or template maintained by Landmark Credit Union. The FRB requires that the file be transmitted to them for processing one to two days before settling to the business' account.
NACHA formatted files: Contains the ACH file and transaction information as specified in the NACHA Operations Rules and Guidelines. There are specific identifiers, locations, field lengths that allows the banking system to process the ACH files with utmost accuracy and efficiency. NACHA format export capability is included in some software packages and there are several software applications that can convert data to the NACHA format.
MS Excel templates: Contains columns for the base data needed for conversion to a NACHA formatted file. The transaction information would simply need to be manually entered into the correct column.
Landmark Maintained Templates (LMT): Contains a minimal number of recurring entries for the same group of recipients; that are routinely of a consistent dollar amount and process on a set schedule (condo fees for example). Changes to the entries that are securely submitted by the company are made to the file by Landmark.