No. Any suppliers on Nexus Virtual Card will remain on Nexus Virtual Card. Suppliers who are eligible for Premium ACH are those who receive checks (at this time).
Fewer checks are around the corner
Getting suppliers to kick the check habit is often easier with Premium ACH than with other payment methods. That’s because suppliers know ACH and are willing to pay a little for it. In fact, many have already “opted-in” to receive their funds through Premium ACH, thanks to our partnership with Paymode-X.
Similar to ACH but better
Premium ACH works like regular ACH. The money is debited directly from your bank accounts and is sent to your vendors within days. It’s far faster than paper checks and incredibly secure.
But, Premium ACH also generates money back. Suppliers pay a small transaction fee and a portion of that fee is returned to you as a rebate.
Premium ACH payments are issued over the secure Paymode-X network, where $400 billion has been processed fraud-free. It’s a key benefit of Nexus teaming up with Paymode-X and Bottomline.
We’ll take care of onboarding your suppliers to Premium ACH
Quick supplier setup
You won’t have to contact suppliers or convince them to accept Premium ACH. Nexus will reach out to your suppliers and explain all the benefits of this payment method, including easy-to-access remittance information, online visibility, and security.
Track ACH payments online
Both buyers and suppliers can view Premium ACH payments online in the NexusConnect portal. They can also view the invoice associated with each payment. Suppliers get full remittance information.
Use Premium ACH and virtual card for double the rebates
Premium ACH payment method FAQ
Premium ACH is a payment method offered by both Nexus and Nexus's partner, Paymode-X. It's used to pay suppliers fast and securely via bank to bank transfer.
After enrolling in NexusPayments, buyers can choose Premium ACH as one of their supplier payment options.
Buyers pay $0 for Premium ACH transactions. Suppliers pay a small transaction fee.
Prior to signing up for NexusPayments, Nexus will evaluate your spend and identify the best candidates for Premium ACH, specifically suppliers who currently get paid in paper checks. Once you are a NexusPayments customer, you'll be able to see which suppliers are receiving Premium ACH in the Nexus platform.
While we’ve heard of some rare instances of suppliers raising rates, we know it’s not a widespread practice. Most suppliers simply consider Premium ACH fees a good investment because payments are faster and secure.
Yes. Premium ACH is a payment method used and trusted by hundreds of thousands of suppliers already. It uses the secure Paymode-X network, where $400 billion has been processed fraud free.