Financial Electronic Data Interchange (EDI) is the computerized exchange of payment data between your business and your customers and vendors. You can receive electronic payments along with the accompanying information you need to post and track them.
You don’t have to be an EDI expert or invest in EDI software. We do it all for you.
How does Electronic Data Interchange (EDI) Work?
- We receive your payments through the Automated Clearing House (ACH) network
- Payments are processed and credited to your account
- Information accompanying payments, such as invoice number and payer, is translated and delivered to you as a secure email
Benefits of Electronic Data Interchange
- Makes payment related information easier to track. You receive the information you need for accurate posting of payments to your accounts receivable system.
- Eliminates any technology investment and ensures compatibility with EDI formats and your customers’ systems.
Which businesses should use Electronic Data Interchange?
Your business would benefit from using Electronic Data Interchange if you:
- Want to accelerate the receipt of business-to-business payments
- Need to offer financial EDI receipt capability, but don’t want to make a major investment in hardware, software, and training
To get started, contact a Treasury Management Specialist or Commercial Banker. Discover the Merchants Bank difference.
From online access to your bank accounts, to fraud detection and prevention, we offer solutions to help maximize your cash flow and make your business more efficient. Learn more about our other Treasury Management tools for security and management.
*Subject to approval