Treasury management services are financial solutions offered by financial institutions to help businesses optimize their cash flow, manage financial risks, and streamline their financial operations.  These essential services include ACH origination, online wire origination, positive pay, remote deposit capture (RDC), and sweeps. In this article, you will learn more about the free treasury management services Amplify offers to our business and nonprofit clients.

Key Takeaways:

• Treasury management services are free to qualified businesses and nonprofits.
• Both new and existing business members can sign up for these services.
• Contact our team at commercialbanking@goamplify.com or (512) 519-5479 to discuss your qualifications.

ACH Origination

What is ACH origination?

ACH Origination is a convenient way for businesses and nonprofits to electronically send payments to their employees, vendors, or other parties. Instead of writing paper checks or using cash, organizations can initiate these payments through Amplify's business online banking platform. Businesses and nonprofits can also use the system to collect funds such as rent payments, dentations, or invoices due.

• Here are a few additional pieces of information about ACH origination at Amplify:
• Payments are prefunded, meaning Amplify will collect the funds from their Amplify account before the ACH is sent. Pre-approval is not required for payments.
• Pre-approval is required for collection of payments, meaning a business would pull a payment due from their customer's deposit account.
• Dual control is required which means it requires two separate online banking users to submit an ACH. One person will create the transaction and a second person will need to approve it.  
• If you do not have a second signer on your business accounts, you can authorize anyone to be a user on your business online banking and grant them as little or as much access as you need.
• You can send or collect payments as fast as the next business day.

Contact our commercial banking team at commercialbanking@goamplify.com or via phone at (512) 519-5479 to learn more.

How does ACH origination work?

Before you can add ACH origination to your business or nonprofit accounts, you must work with our commercial banking team. Here are the three steps to follow:

• Setup. Our commercial banking team will schedule a discovery call with you to establish your specific needs. There are agreements to sign and possibly some business documents you will be asked to provide. Approval will be obtained. Typical time from start to finish is 3-5 business days.
• Enable ACH origination in online banking. Treasury Management will turn the access on in your business online banking and provide training on the new screens.
• Set up the payees. Each payee will set up in the business online banking which will include their account number, routing number and type of account.

Once ACH origination is available on your account, ACH requests will be processed in two steps.

• Initiate an electronic transaction. A designated person at your business will select the effective date and amount and submit the electronic transaction. A secondary person will approve the transaction.  
• Amplify will process the information so the electronic transaction happens on the effective date selected.

If you have questions about setting up or executing ACH transactions on your account, contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

What are the benefits of ACH origination?

There are many advantages for businesses to processing payments using ACH origination.

• Reduce or eliminate checks. Checks are expensive, need to be replaced often, and are a source of account fraud.  They can be lost, stolen, altered, and copied.  
• Simplify the payment process. Automate recurring payments, set up electronic fund transfers and vendor payments, streamline payroll processing. Save time and reduce manual errors.
• Enhance cash flow. Businesses can better predict and manage cash flows by scheduling payments and collection in advance and selecting the settlement date.
• Reduce administrative costs. Improve efficiency to improve operational efficiency.
• User-friendly interface. Embedded within our business online banking, there is not a new system for you to learn, just new functionality we can turn on.  
• Internal controls. We require separation of duties to reduce internal fraud which is configured within your online banking.  This is not always possible when writing checks.

Contact a member of our commercial banking team at commercialbanking@goamplify.com or call us at (512) 519-5479 to learn more.

Is ACH origination right for your business?

Our ACH origination services are designed to serve businesses and nonprofits of every size. You should discuss adding ACH origination to your organization account if you can answer yes to any of the following questions:

• Do you have regular outgoing payments like payroll, vendor payments, or membership dues?
• Does your business write a lot of checks?
• Are you employees or vendors asking for direct deposit of funds or faster payments?
• Do you want to streamline payment processing and reduce administrative costs?
• Are you looking to automate your payment processes?

If you would like to discuss ACH origination with a member of our commercial banking team, email us at commercialbanking@goamplify.com or call us at (512) 519-5479.

Business Credit Cards

What is a business credit card?

Business credit cards are much like consumer credit cards, only for your business. They are typically used for business expenses such as travel, office supplies, and purchasing supplies. Business credit cards offer transaction details, account monitoring, automatic payments, purchase records,

What are the benefits of a business credit card?

The rewards of a business credit card depend on the type of card you select. Here are a few high-level benefits for your organization:

• Earn rewards and perks. Choose from a cash back incentive, travel benefits, or points earned per spend.  
• Improve cash flow. Business credit cards provide a flexible revolving line of credit which can help manage cash flow gaps and cover unexpected expenses.
• Expense tracking and reporting. The online portal offers expense tracking and reporting tools to help monitor spending.
• Employee spending control. Issue cards to your employees and control their spending limits, help monitor their expenses, and track categories where money is spent.
• Separation of business and personal finances. Keep your business expenses separate which makes it easier to track business spending, manage cash flow, and simplify accounting and tax preparation.

If you would like to learn more, contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

How do I choose a business credit card?

Visit our business credit cards product page to see the full list of cards available to your business or nonprofit. If you are ready to apply for a specific card, click on the appropriate link or contact our commercial banking team directly at commercialbanking@goamplify.com or by phone at (512) 519-5479.

Is a business credit card right for your organization?

Amplify offers a wide range of business credit cards to meet the needs of every business or nonprofit. A business credit card might be a good fit for your organization if you can answer yes to any of the following questions:

• Are you a new business and need help with cash flow?
• Are you interested in earning rewards on your business purchases?
• Do you have fluctuations in revenue throughout the year that additional cash flow could provide a cushion during your slow periods?
• Do you need a line of credit under $50,000?
• Could you benefit from the built in expense management tools offered through the online portal?

Contact a member of our commercial banking team at commercialbanking@goamplify.com or call us at (512) 519-5479 to learn more.

Positive Pay

What is positive pay?

Positive pay is a business product that helps detect both check and electronic debit fraud on your checking account(s). Here are a few more details about positive pay:

• Checks written will need to be imported into your business online banking. This can be done manually or by exporting a check issue file from your accounting system and importing it to your business online banking.
• You can authorize a non-signer to manage your positive pay. Online access can be granted with limited or full visibility. You will determine what the additional user(s) can and cannot do.
• If you are a current Amplify member, we will be able to pull a list of everyone currently electronically debit your account for you to review. Those agreed to will be added to the approved list and will continue to process uninterrupted.

To learn more about positive pay, contact our commercial banking team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

How does positive pay work?

The first step to enabling positive pay is to work with an Amplify representative to add this service to your business or nonprofit’s online banking services.

• Setup. A commercial banker will schedule a discovery call with you to establish your specific needs. There are agreements to sign. Allow 1-3 business days to activate it.
• Enable positive pay in online banking. Our commercial banking team will turn the access on in your business online banking and provide training on the new screens.

Once positive pay has been added to your account, follow the steps below to ensure your check payments and electronic withdrawals are processed correctly.

• Checks. As you write/print checks, the check information is imported into your business online banking. As checks are presented to your account for payment, they will be matched to the information you provided.  
  • If the information matches, the check will get paid.  
  • If the information does not match, you will be notified via email to prompt you to review the item in your business online banking.  
  • You will make a decision to pay the item or return it as unauthorized.  
• Electronic withdrawals. We will add your list of approved vendors, if applicable. As electronic withdrawals are presented to your account for payment, they will be matched to the approved list.  
  • If the information matches, the item will get paid.
  • If the information does not match, you will be notified via email to prompt you to review the item in your business online banking.
  • You will make a decision to pay the item, pay and add it to the approved list, or return it as unauthorized.

Contact commercialbanking@goamplify.com or call us at (512) 519-5479 to begin the process or get real-time support with positive pay.

What are the benefits of positive pay?

Positive pay is a treasury management service designed to improve the security of your organization. Here are a few of the commercial benefits available to our members:

• Fraud prevention. Positive pay helps prevent fraud from happening.
• Enhanced security. By proactively monitoring transactions and flagging any discrepancies or irregularities, positive pay provides an additional layer of security to safeguard your funds in your business checking account(s).
• Cost savings. Detecting and preventing check fraud early can help avoid financial losses associated with unauthorized transactions. In addition, if there is fraud activity on your account, you will not be required to close your account which can be costly and time consuming.
• Efficiency. Reduce the time and effort required for manual review and verification allowing you to focus on your core operations.
• Peace of mind. Knowing that your business checking account is being monitored assures you that your funds are being protected against potential fraud attempts.
• Convenience. Using the mobile app allows you to review any discrepancies found on the go.

If you would like to learn more, contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

Is positive pay a good fit for your business?

We recommend that any business or nonprofit with a business checking account add positive pay to their commercial banking services.

Merchant Services

What are merchant services?

Merchant services refer to a range of services provided by Amplify Credit Union to businesses to facilitate electronic card processing.  It allows you to accept credit card payments, debit card payments, and digital wallet payments, as well as related activities such as transaction authorization, settlement, and reporting.

Here are a few more details about merchant services:

• Merchant services is a product partner with Amplify Credit Union. Fees will apply for this service.
• If you already have a merchant services provider, we will ask for two months of your statements to help us prepare a full price comparison.
• There are no contracts.
• Devices can be purchased or leased.

Contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479 to learn more about merchant services at Amplify.

What are the benefits of merchant services?

Below are just a few of the benefits available to businesses and nonprofits with our merchant services platform.

• Expand payment options. By accepting various forms of payments, you can cater to a wider range of customer preferences.
• Increased sales. Studies have shown that businesses that accept card and mobile wallet payments tend to experience higher sales volumes, as much as a 30% increase, compared to those that only accept checks or cash.
• Improved cash flow. If you batch out daily, the funds can be available the next business day, leading to quicker access to funds.
• Enhanced customer service. Offering convenient and secure payment options can enhance the overall customer experience.
• Streamline operations. The service has multiple options such as reporting, analytic tools, inventory management, marketing information gathering, and customizable payment solutions tailored to your business needs.

If you would like to discuss how merchant services can assist your specific business case, contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

How do I choose a merchant services solution?

Visit the merchant services product page on our website to review the full range of merchant services card readers. You can also speak direclty with a commercial banker at commercialbanking@goamplify.com or by phone at (512) 519-5479.

How do I active merchant services?

You can add merchant services to your organization account in three simple steps.

• Agreement. An Amplify employee with connect you with our merchant representative to answer any question and provide you with a proposal. The request will go through an approval process.
• Devices shipped. The device(s) selected will be shipped to your address.
• Activation. An appointment will be made for installation of your device(s), if applicable.  After installation, your account will be activated. Training is available on request.

To learn more, contact our team at commercialbanking@goamplify.com or by phone at (512) 519-5479.

Are merchant services a good fit for your business?

If you are a business or nonprofit with a checking account at Amplify, we recommend merchant services for your organization.

Online Wire Transfers

What are online wire transfers?

Online wire origination allows businesses to initiate domestic and international wire transfers securely and conveniently through Amplify's business online banking platform. Instead of visiting a branch or submitting paper forms, businesses can electronically submit wire transfer requests from their computer or mobile device.

Here is some additional information on online wire transfers:

• Pre-approval is required for online wires.
• Dual control is required which means it requires two separate online banking users to submit a wire. One person will create the transaction and a second person will need to approve it.
• You can authorize anyone to be a user on your business online banking and grant them as little or as much access as you need.
• All intermediary banks (middle processing) must be a US financial institution. Intermediary bank will send outside of the US.
• USD is the only wire currency available for online wires.
• Cut-off time is 2PM CT. If the wire is submitted before the cut-off, funds will be sent the same business day.
• Call backs are required for all online banking wires.

Learn more about banking wires by emailing our team at commercialbanking@goamplify.com or calling us at (512) 519-5479.

How do online wire transfers work?

Before your business or nonprofit can benefit from online wire transfers, you will need to follow the steps below to add wire services to your account.

• Setup. Commercial banking will schedule a discovery call with you to establish your specific needs. There are agreements to sign and possibly some business documents you will be asked to provide.  Approval will be obtained. Typical time from start to finish is 3-5 business days.
• Enable wire transfers in online banking. Commercial banking will turn the access on in your business online banking and provide training on the new screens.
• Set up the payees or recipients. The business will need to obtain the wire instructions from their payee/recipient. Each payee or recipient will set up in the business online banking with the wire instructions provided.

Once you have the payee information set up in online banking, you can initiate a wire transfer in two simple steps.

• A designated person at your business will submit the wire. A secondary person will approve the transaction. On the effective date of the wire, the approver will be required to confirm the wire over the phone with Amplify.
• Amplify will process the information so the wire is sent on the effective date selected.

If you have additional questions about how wire transfers work, contact our team at commercialbanking@goamplify.com or via phone at (512) 519-5479.

What are the benefits of online wire transfers?

Adding wire transfers to your online banking account can make a significant difference for your business or nonprofit.

• Faster fund transfers. Funds are transferred securely and quickly, often on the same day.  
• Convenience. The ability to schedule recurring wires, or a single wire in advance for better time management.
• Administrative reporting. Detailed reporting options are available to help streamline accounting.
• User-friendly interface. Embedded within our business online banking, there is not a new system for you to learn, just new functionality we can turn on.  
• Internal controls. We require separation of duties to reduce internal fraud which is configured within your online banking.  This is not always possible when writing checks.

To learn more about wire transfer benefits, contact us at commercialbanking@goamplify.com or by phone at (512) 519-5479.

Are online wire transfers a good fit for your business?

Businesses or nonprofits who can answer yes to the following questions should consider adding wire transfers to your organization account.

• Does your business require real-time funds transfers for urgent payments or transactions?
• Does your send more than two wires a month?
• Does your business send wires to the same person/business on a regular basis?