Financial Gateway FAQ's
Q: Why would you void or stop an ACH? Has it not already been sent to the vendor?
A: In theory, a stop transaction would be done after a paycycle is run and the transaction is sent to the bank. However, as related to ACH transactions, it would only be done if a "return item" was sent by the bank to the agency after the transaction was sent. The TeamWorks Financial Gateway and the ACH payment method doesn’t allow for a void after it is sent, only a “Stop.”
Q: Is WIRE still a separate delivery method, or should ACH be used instead of WIRE?
A: Wire transfers and ACH transactions are separate payment methods but wires are not available through online TeamWorks paycycle processing. Since wires are always a more costly disbursement method than ACH transactions for the State of Georgia, agency personnel are discouraged from using wire transfers when an ACH can be used.
Q: Is SAO working to convert widely used state wide vendors to ACH capability?
A: Yes, one of the long term goals of the working capital optimization (WCO) project is to convert checks (CHK) to ACH or other electronic methods. By giving agencies the capability of sending remittance (addenda) data, to further clarify the payment, as well as providing better visibility to payments, is the first step to achieving this goal. More communication on converting vendors will follow.
Q: When a vendor is added is there a pre-note process? If so will the agency be notify when they can start paying that vendor through ACH?
A: No, there isn’t a pre-note process at this time. The agency is notified when the vendor is set up in TeamWorks, making them available for ACH processing.
Q: Does SAO have a general form that we can send to vendors to get setup for ACH?
A: Currently, the agencies contact the vendor for bank account information. The agencies forward the information to SAO. SAO is working on standardizing this process.
Q: Will the vendor notice anything different?
A: The only thing the vendor will notice differently is the information in the addenda data. Please work with your vendors on preferred information and format specifications in the payment message.
Q: Does the payment get to them any quicker especially for those vendors that are non BOA account holders?
A: No, the payment arrives in the same time frame as the EFT payment method. The EFT payment method was actually an ACH payment, as well. We changed the name to ACH to better identify it as a payment method. Additionally, we have added addenda data to the ACH format.
Q: Will the system only accept one bank account per vendor?
A: No, the vendor can have multiple bank accounts. They are locations in TeamWorks.
Q: Is there a list of vendors that are set up for ACH?
A: There is a query to identify the vendors (0VN003_EFT_VENDORS ).
Q: With Wells Fargo's acquisition of Wachovia, do you anticipate any changes to how ACHs are handled when Wachovia is finally dissolved?
A: No, we are working with both the Wachovia and the Wells Fargo representatives. Also, all of the new ACH transactions are going to the Wells Fargo systems.
Q: Can you contact the ACH clearing house to return funds that were paid in error? Payroll side has this capability.
A: No, once they are to the clearing house the funds are paid.