(Part 2 of 4)
Are you using Automated Clearing House (ACH) to make and receive payments? ACH is an electronic application that allows the direct transfer of funds between two bank accounts with several benefits to all parties.
Recurring reminders: Stop loss has different payment types, but for monthly premiums, since they are based on a census, it is best to set up payments as recurring reminders. If not, bills get lost in the mix of other statements, which could result in unpaid invoices and cash flow issues. Routine ACH reminders address both of those issues. Paper checks do not have recurring reminder capabilities; therefore, ACH is one of the most cost-effective payment methods. Setting recurring reminders is another way to control when payments leave the account.