If you are a franchise business, a real estate agency, or just a business with many bank accounts set up and don't want to set up multiple Pinch accounts because you use one accounting file, we have now devised a solution.
You may be familiar with the concept of an ABA file, especially if you have a large payroll to manage. An ABA file is a document you upload to your banking app that automates the payment of funds to many recipients based on the attributes set within the file. Most commonly used in payroll management.
Pinch provides an ABA file system on request to businesses that have the need. Once activated you will find it attached to each settlement. If you use Xero, this will contain the invoice template used for each payment, which if set correctly allows you to identify what bank account that payment needs to be made to.
One of our merchants manage the facilitation of many carpark sites, on behalf of their customers, the property owners. They collect payments at the boom gate like any other car park, and those payments flow from Pinch, into one Xero account and one Pinch clearing account. All the payments for each site are attributed to a specific carpark, and an ABA file download has been made available to them as below. By downloading the file that corresponds to the settlement, they are able to upload the ABA file into their banking portal and automatically distribute the funds to the bank accounts that they need to.
To apply to have this feature activated please visit our support page and raise a request.