Put an Electronic Bill Payment Option to Work for Your Business
We're offering two bill payment options that will help your business reduce the manual processing of checks and help ensure timely remittance of payments:
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Automated Clearing House (ACH)
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Electronic Data Interchange (EDI) 820
Continue to receive a paper ComEd bill, but
you initiate
convenient electronic payments monthly through ComEd's payment processing agent.
Benefits
What is ACH?
What is EDI 820?
Setting up ACH or EDI 820 Payments to ComEd
Benefits of ACH and EDI 820
With ACH or EDI 820, your organization will be able to realize the many benefits associated with electronic payment options, including:
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Reduced labor, mailing, archival, and bank costs from more efficient, electronic transactions.
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Improved accuracy of information exchanged between companies.
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More timely payment remittance that can help reduce the incidence of mail delays and late fees.
What is Automated Clearing House (ACH)?
Automated Clearing House (ACH) is a secure, nationwide electronic payment transfer system.
Financial institutions transmit or receive ACH entries through ACH operators such as the American Clearing House Association, the Federal Reserve, the Electronic Payments Network and Visa.
In 2001, the network processed nearly 8 billion ACH transactions with a total value of more than $22 trillion.*
* Source:
www.nacha.org
What is Electronic Data Interchange (EDI) 820?
Electronic Data Interchange (EDI) is the computer-to-computer exchange of business data between organizations.
Businesses that have implemented EDI follow certain protocols for exchanging data electronically. Each transacting party is categorized as a trading partner, and they exchange mutual agreements that define a commercial transaction.
All subsequent transactions are then communicated in a standardized manner through an intermediate channel company, called a Value Added Network (VAN). The VAN is a third-party service provider that permits many different trading partners to communicate through a central clearing house.
EDI 820 specifically refers to the standard for payment/remittance transactions.
Setting up ACH or EDI 820 Payments
To enroll, complete the
Electronic Payments Setup Form
and e-mail to the address provided on the form. You will be asked to provide your ComEd account information and banking information.
If you choose the EDI 820 option, you must already have EDI capability in place and successfully complete testing with ComEd's payment processing agent. Customers must be able to submit the file in CTX-CIE format. Please allow 4 to 6 weeks (approximately one billing cycle) for the ACH or EDI 820 options to take effect.
Please note: Customers must complete successful testing with ComEd's payment processing agent before electronic payments can be accepted. Payments sent without test completion will be rejected.