Automated Clearing House (ACH) payments

For fast, simple and secure bill pay, business customers can now make ACH payments to SRP. Take control and cut down on paperwork with convenient electronic payments.

What are ACH payments?

ACH payments are electronic transfers from one bank account to another, initiated by businesses through their financial institution. Using the Corporate Trade Exchange (CTX) or Cash Concentration or Disbursement Plus (CCD+) formats allows you to include remittance information, such as your SRP account number, for more streamlined payments.

Benefits

  • Creates a predictable payment process and reduces administrative costs.
  • Reduces paperwork — no need to send your bill stub or remittance documents.
  • Increases the speed of posting — two days in most cases.
  • More environmentally friendly than paper checks.
  • You're always in control.

Requirements

To ensure proper handling and posting of your payment, SRP requires that the ACH payment contain digital remittance information in the CTX or CCD+ formats. The digital remittance information must include the bill account number and amount paid. This eliminates the need for separate remittance documents or spreadsheets.

Corporate Trade Exchange (CTX) is a National Automated Clearing House Association (NACHA) defined Entry Class. It is used for business-to-business payments. The unique characteristic of CTX is its ability to carry a significant amount of remittance data with the payment.

Each CTX payment may have up to 9,999 addenda records attached to it; each addenda record carries 80 characters of data, allowing the user to convey multiple payment strings into a single funds transactions. These addenda records must use ASC X12-defined segments format/NACHA-endorsed banking conventions to convey the remittance information; free form is not permitted.

An ASC X12 addenda segment is a group of related data with the following characteristics:

  • It begins with a segment identifier, e.g., "REF."
  • It contains one or more data elements .
  • The data elements must be separated by a data element separator (tilde [~]).

 

NACHA defines Cash Concentration or Disbursement Plus (CCD+) as a business-to-business transaction, which is primarily used for the intra-company concentration or disbursement of funds.

This format allows 80 characters of remittance information, defined as a single addenda record, to accompany the funds. The addenda record must use ASC X12-defined segments format/NACHA-endorsed banking conventions to convey the remittance information; free form is not permitted.

An ASC X12 addenda segment is a group of related data with the following characteristics:

  • It begins with a segment identifier, e.g., “REF.”
  • It contains one or more data elements.
  • The data elements must be separated by a data element separator, which must be an asterisk (*) .
  • The segment must end with a segment terminator, which must be a backslash (\) in a CCD+ transaction.

 

Please check with your financial institution or A/P processor to determine whether the formats above are available under your current agreement. If they are, please contact us and we will provide the necessary banking information you need to begin making ACH payments.

Contact us

If you're ready to get started or have questions, please contact SRP using the form below. You may also email SRPACH@srpnet.com or call (602) 236-9651.

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