When a customer asks how to pay you, the answer usually comes down to three payment rails. All three move US dollars between bank accounts, but they differ in speed, cost and how much the sender has to do.
ACH: the everyday option
ACH (Automated Clearing House) is how most US businesses pay invoices, payroll and subscriptions. The sender needs your account and routing numbers, and the payment usually arrives within one to two business days. Many banks also offer same-day ACH, which settles on the same business day when it is sent before the cutoff.
ACH is inexpensive for the sender, which makes it the easiest option to ask for on regular invoices.
Wire: for large or urgent payments
A domestic wire moves the full amount on the same business day while the Federal Reserve's wire system is open. Senders often pay a fee for it, so wires are most common for large invoices, deposits on contracts and anything with a deadline.
A wire cannot be pulled back once it is sent, so always confirm the account details before sharing them, and expect customers to do the same.
FedNow: instant, any day of the year
FedNow is the Federal Reserve's instant payment service. A payment arrives within seconds, at any time of day, on weekends and holidays. It only works when the sender's bank takes part, and many banks are still adding it.
What to put on your invoice
- Your business's legal name, exactly as it appears on the account.
- The account number and routing number.
- Which rails you accept, so the customer does not have to ask.
- A reference, such as the invoice number, so you can match the payment when it arrives.
With Business Globalizer Bank, each business gets USD account details that accept all three rails. Every deposit is listed with its sender, rail and amount, so matching a payment to an invoice takes seconds.