The majority of electronic payments, even things as simple as direct deposit for paychecks, run through the Automated Clearing House managed by the National Automated Clearing House Association. Running transactions through this network usually incurs a fee. The Neat Company noted that in 2021 the ACH payment system processed more than 29 billion payments, valued at around $73 trillion, and 1% of that amounts to $730 billion. The statement noted these fees can quickly add up, especially for small businesses, which was why it eliminated the fee for its customers.
"As a small-business owner myself, I always sought to maximize value from the services I used and from every dollar that came into my hands," said Garrett Baird, president and CEO of the Neat Company, in a statement. "Neat customers deserve those same advantages. Not only will our customers be able to receive electronic payments for the invoices they issue through the Neat system, but by avoiding overblown ACH/bank transfer fees on receivables, they can effectively pay for their Neat subscription with the ACH fees they save."
