What is PayOnly?
- PayOnly provides retail banks with instructions on how to send credit ACH payments to participating billers.
- PayOnly offers wholesale banks a low cost payment receipt option for their treasury and payment concentration services customers.
- PayOnly presents billers with an opportunity to receive low risk, credit ACH payments from the growing volume of customers that pay their bills through online banking services.
PayOnly is a solution developed for NACHA's Electronic Billing Information Delivery Service (EBIDS) program and is designed for billers that do not distribute eBills electronically, but can receive electronic payments. For PayOnly, wholesale banks enter their billers' ACH payment instructions into the EBIDS Biller Directory. Retail banks (or their bill payment vendors) download the instructions to route ACH credit payments to the participating billers from their online banking services.
Benefits of EBIDS' PayOnly Service:
- Use of the ACH Network
the lowest cost channel for electronic transactions - Expanded reach
the EBIDS Biller Directory broadens the number of billers accessible through the ACH Network - Decreased risk
PayOnly payments are credit ACH transactions that are settled upon receipt
Getting started with PayOnly is simple:
- Banks (and approved vendors) sign an agreement with NACHA and with the directory provider to use PayOnly and to access the EBIDS Biller Directory
- Billers should contact their corporate bank
- For more information, contact: Robert Unger, Senior Director, NACHA, 703-561-3913, runger@nacha.org
9/23/2008
