Take control of your business accounts and manage how and when cash moves out of them with Disbursement Services from Anchor Bank. Our team will work with your business to help you find the right combination of Disbursement Services, reducing costs while moving funds quickly and securely.
ACH (Automated Clearing House) origination lets you electronically send and collect payments through the ACH network, streamlining your payment processes and eliminating checks. ACH also provides precise control over your cash flow by giving you the ability to specify the settlement date of remittances and payments. We make it easy and affordable for your business to use ACH.
How it works for you
Once you enter your payment information into the system, you can generate a formatted file to process and batch your transactions. You can save a specific batch, reuse it, or submit a recurring batch, which improves efficiency and reduces keying errors. You will need a Windows-based operating system and Internet access. We'll train your staff on how to use our system, and provide on-going support.
Key benefits to your business
- Increase efficiency Using a single access point for payments and funds transfers can dramatically increase the efficiency of your operations. Storing payment information eliminates manual data entry and allows you to streamline recurring batch processing.
- Reduce costs and risks By eliminating paper checks, you can significantly reduce costs while minimizing the errors that can occur when you manually process checks. Using electronic payments decreases the risk of check fraud and lost checks.
- Improved forecasting and cash flow ACH Origination helps you gain greater control over your cash flow by specifying settlement dates for payments and remittances. In addition, you receive a complete record of transactions for a precise audit trail.
A payroll card is both an innovative way to distribute pay to employees and a smart alternative to issuing payroll checks. A payroll card is a reloadable prepaid card that provides a secure, convenient, low-cost alternative for unbanked employees to immediately access their pay through a pre-funded Visa® debit card. Cardholders can use the card at an ATM, pay for purchases at the point-of-sale or pay bills.
How it works for you
Upon enrollment, the employee receives an embossed reloadable prepaid card. Each pay period the employee's pay is automatically deposited into their individual card account using the same ACH file as direct deposit into an employee's checking account. Employees use their cards to obtain cash, pay for purchases, and pay bills. Transactions are detailed on monthly electronic or printed account statements. You can easily issue a payroll card to anyone in your organization. Once employees' salaries are loaded onto their personal cards, they gain immediate access to their funds. Simply by taking their payroll card to any one of the over 900,000 Visa ATMs, employees can withdraw cash. They can also use their payroll card to make purchases at millions of stores, restaurants, and other businesses worldwide that accept Visa debit cards. And they can shop and pay bills online with complete security.
Key benefits to an employer
- Reduce reconciliation costs against your payroll disbursement account.
- Eliminate the costs associated with the production of paper checks and the replacement of lost or stolen checks.
- Eliminate the costs of special disbursements, such as final payout.
- Simplify payroll distribution for unbanked, contract, temporary, and remotely located employees.
- Increase satisfaction, build loyalty, and encourage retention by paying employees quickly and efficiently, every payday.
Key benefits to an employee
- Access to funds on payday, even if an employee is not at the workplace.
- Protection against fraudulent purchases posted against an employee's account when their payroll card is lost, stolen, or used without their consent, via the Visa zero liability policy in the U.S.
- Lost or stolen payroll cards replaced with the full remaining value.
- Secure, PIN-based card solution can be issued if needed for use at PIN-based locations worldwide with cash back options.
- FDIC insured. Cards issued by US Bank MN, an FDIC insured multi-billion dollar financial institution and processed by Élan Financial Services.
With Anchor Banks Wire Transfer service, you can transfer funds from your business account to another financial institution. Wire Transfers offer safe and secure movement of funds between financial institutions on a real-time basis and with finality of payment.
How it works
A Wire Transfer is the electronic movement of funds from one financial institution to another. A wire provides for immediate, irrevocable availability of funds by eliminating the uncertainties of mail and check collection time.
Wires, in U.S. funds, can be initiated online via AnchorLink® Online Banking. Its easy to use and lets you predefine payment instructions for repetitive wire transfers. Your authorized personnel can initiate repetitive and non-repetitive wires, recurring and future-dated wires online via Online Banking. Wires, in foreign funds, can be requested through the Wire Department. Based on your instructions, Anchor Bank then transmits your request and wires are processed during business hours.
You have several options to monitor your wires. Alerts notify you when a wire is initiated, sent to the Fed and when an incoming wire is received. Designated recipients can receive timely emails with complete details on outgoing and incoming wire transactions. For incoming international wires in U.S. funds, Anchor Bank has a SWIFT code, which allows for a more streamlined way to receive international wires. If you receive incoming wires in foreign funds we have instructions to help simplify the process.
Wire Transfers allow precise timing of payments and accurate projections of receipts and disbursements and are particularly useful in handling high-dollar transactions. Because wires can be transferred quickly, you are able to maximize the use of funds. Wire Transfers can be initiated as needed and Anchor Bank offers multiple security options. You can even set up a reverse wire arrangement with Anchor if your vendor requires it for future payments such as payroll.
Key benefits to your business
Reduce errors Avoid duplication and errors when sending wires to the same accounts by establishing repetitive wires and assigning access for specific users and dollar amounts.
Fast and final payment option Unlike many payment options, wire payments provide the fastest delivery of funds and are final. They cannot be recalled without permission of the payee and settlement is guaranteed.
Increased security Wires are the most secure and cost-effective method to move large value payments.
More convenient Initiate wire transfers electronically from your desktop with flexible options.
Added control Avoid duplication and errors when sending wires to the same account. You can establish each users access to accounts, dollar amounts and repetitive wires.
Time-sensitive monitoring Keep your business transactions moving smoothly by receiving complete details on your wires as they occur.
Combine purchasing and corporate cards programs into a single streamlined payment solution. The Elan One Card helps organizations streamline commercial card programs. It allows businesses, non-profits and government agencies to manage travel and entertainment (T&E) expenses and purchasing programs with a single, more efficient payment solution. Accounts can be set up with travel capabilities, purchasing capabilities or both depending on individual cardholder payment needs. With a one card, customers can:
- Merge T&E and purchasing solutions into one convenient commercial card
- Improve efficiencies throughout the procure-to-pay process
- Save money by reducing the costs associated with paper-based transactions
- Reduce the A/P workload, plus improve control and oversight
With an Elan One Card program and our program management and reporting tool, Access Online, organizations have better control over purchases and flexible reporting options. In fact, the industry-leading expertise of Elan helps ensure compliance, auditing and automation needs are fully addressed.