Circle this day in red on your Finance calendar: March 20, 2020. That’s when the per-transaction dollar limit for Same Day ACH quadruples.
The current $25,000 cap will jump to $100,000.
It’s the latest in a series of enhancements designed to increase adoption.
It’s estimated the current $25,000 threshold covers about 89% of business-to-business transactions. But eligibility will increase dramatically with the new limit.
2019 a big adoption year
2019 was a big year for your peers in terms of their Same Day ACH adoption.
There were 250 million Same Day ACH payments made last year, compared to 178 million in 2018.
And the volume is up dramatically as well: Same Day ACH volume hit $247 billion in 2019 vs. $160 billion the year before.
That’s up 41% and 55% respectively.
The time to move to Same Day ACH is now
If ever there were a time to take advantage, this is it.
This new higher dollar limit gives you an opportunity to see if vendors that you couldn’t tap Same Day ACH with in the past now belong in your pool of candidates.
Have A/P run a report by transaction volume to see who in your master vendor file could be worth raising the issue with now so you’re set up for a few weeks from now.