You’ve sent a regular ACH payment, which takes three business days, and now your vendor is asking about when they’ll receive it. You can let them know about Fast ACH, an option that allows them to receive your payment on the same day, depending on weekends and federal holidays*.
This guide provides an overview of this option, so you can help your vendor understand the process.
It contains these sections:
- How does Fast ACH work for my vendor?
- What you need to know as a payor
- How your vendor can get paid faster to their bank account
- Why was the amount deposited less than the payment they expected?
How does Fast ACH work for my vendor?
Fast ACH is a convenient option for vendors who want to get paid faster. It gives them direct access to your payment, often on the same day.
- Fast and reliable - They can receive your payment to their bank account on the same day (depending on weekends and federal holidays)*.
- Cost-effective - Your vendor pays a 1% fee, which is deducted from the payment total.
- Convenient - They get their money faster with just a few clicks.
* Same-day payments will be processed on weekdays prior to 2pm EST cutoff time. Payments made after 2pm EST, on a weekend, or on a federal holiday, will be sent the next business day.
What you need to know as a payor
As the payor, you don't need to do anything. The decision to use Fast ACH and the action itself can only be taken by the vendor who is receiving the payment. The original payment delivery method you chose must be an ACH bank transfer for this option to be available.
Please note:
- This option is only available for eligible ACH payments paid via a bank account. Not every payment can be expedited to Fast ACH.
- If you paid using a card, the ACH payment is delivered on the same day by default.
How your vendor can get paid faster to their bank account
When you pay through Capital One Pay Business Bills, eligible vendors will receive an email to accept their payment with the option to get paid faster. If the vendor does not receive an email with this option, it means the payment is not eligible for Fast ACH. They don’t need to register a new account to accept the payment.
Your vendor can follow these steps to upgrade their payment to a Fast ACH:
1 - Locate the email that includes the payment details, including the amount, invoice number, and the estimated payment delivery date.
2 - Below "Get this payment today," they can select Get paid today.
3 - They will see a new, faster payment delivery date. They then select Confirm and accept.
4 - They will see a confirmation that their Fast ACH payment has been sent.
5 - Their payment should arrive in their bank account on the new, expedited day.
Why was the amount deposited less than the payment they expected?
The fee your vendor pays to get their money instantly is taken from the payment total. So, the amount they receive will be less than the original invoice. The fee is mentioned in the email before they decide to expedite the payment delivery.