With the COVID-19 pandemic, healthcare delivery changed overnight. This was the time when the telemedicine industry accelerated significantly. Although telemedicine providers were already there in the healthcare industry, their potential was understood only after the pandemic. The significant reduction in healthcare costs has made telemedicine more friendly. Many patients have become accustomed to the convenience telemedicine has brought, especially for non-urgent consultations.
However, telemedicine providers usually have to make payments to various entities to run their business smoothly.
· Many telemedicine providers partner with healthcare providers like doctors, therapists, nurse practitioners, and other healthcare professionals on a contractual basis. These healthcare providers have to be paid on time.
· For video conferencing, data management, and security compliance, telemedicine providers usually rely on specialized software. These software vendors have to be paid for their subscriptions.
· Some telehealth providers are also involved in remote patient monitoring. So, they may purchase medical equipment from vendors.
· Telemedicine providers have to pay their employees on time. These employees can be salaried or hourly based.
Are you a telemedicine provider looking for an efficient solution to pay these entities? Do not worry! Utilize ACH transfers from cloud-based platforms like Zil Money to make payments efficiently and on time. These platforms provide one-time, recurring, as well as ACH same day payments. In this blog, let us look more into how ACH transfers help telemedicine providers.
What is ACH Transfer?
ACH transfer is a kind of electronic money transfer in which the funds are sent directly between financial institutions. These payments are processed through Automatic Clearing House, which connects all the financial institutions in the U.S. ACH payments are monitored and regulated by NACHA, making it a secure payment method. For vendor payments, businesses in America heavily depend on the ACH network.
Using cloud-based platforms like Zil Money, you may easily make payments via ACH at your convenience. These platforms help in making ACH payments with a few clicks. So, there is no need to visit a financial institution every time you need to make a payment. You may also track these payments easily with these platforms.
Secure and Affordable Solution for Making Payments on Time
ACH payments are extremely convenient and affordable for your business transactions compared to other payment methods. When you use ACH transfers from cloud-based platforms like Zil Money, you can easily eliminate mistakes caused by using manual payment processes.
For a telemedicine provider who has to make recurring payments like software subscriptions, employee payments, vendor payments, etc, utilizing ACH can be a great benefit. As platforms like Zil Money provide recurring ACH payments, telemedicine providers do not have to worry about missing payments and can make payments on time. If you are a telemedicine provider with a busy schedule, then ACH payments provided by cloud-based platforms will be a great advantage for you.
ACH transfers are a very secure option for sending as well as receiving payments. This is because NACHA oversees these payments, and they have very strict regulatory rules. Also, NACHA encrypts all the sensitive information, which results in a secure transaction.
Same-Day ACH Transfer for Quick Payments
Telemedicine providers sometimes have to process payments urgently. These can include faster payroll payments for hourly or temporary employees, urgent refunds, bill payments to vendors, etc. To pay these urgent payments, telemedicine providers can utilize same-day ACH from cloud-based platforms like Zil Money. With the platform’s same-day ACH feature, you can send payments on the same business day. Your recipients might receive them usually the next business day.
The same-day ACH feature was launched by NACHA in 2016 for credits, and in 2017, they enabled same-day debit payments. Since its launch, the same-day ACH feature has been a great benefit for businesses when dealing with urgent transactions. You can easily reduce the risk of late payments with this efficient method of transferring funds.
Alternative Payment Methods to ACH Transfer
Cloud-based platforms like Zil Money provide multiple payment methods other than ACH transfers. Let us see one by one.
Wire Transfers
When transferring large payments, wire transfers are the most efficient method to use. Wire transfers are a quick and secure payment method. They usually clear within a few hours or days, depending on the desired location. With online payment platforms like Zil Money, you can make domestic and international wire transfers. To make a domestic wire transfer, you will need a routing and account number. Meanwhile, to send an international wire transfer, you will need a SWIFT or IBAN code.
Check by Mail
Even though payments via checks are decreasing, some vendors or employees may still prefer checks. You may easily send checks via cloud-based platforms like Zil Money. These platforms help you to create and send checks with a few clicks. All you need to do is create or import checks, and these platforms will print, stuff envelopes, label them, and mail them on your behalf. This way, you can eliminate the hassles of traditional check mailing. You may also send eChecks, a digital alternative to checks, via email or SMS to your payees. Your recipients will receive them as a one-time printable PDF that can be printed and deposited like a regular check.
The Conclusion
Telemedicine providers can utilize ACH transfers from cloud-based platforms like Zil Money for efficient payments. With these platforms, you can make one-time, recurring, or ACH same day payments. Make on-time payments to your vendors, employees, or contractors efficiently with the ACH payments to smoothly operate your business.