An electronic payment delivery system that processes credit and debit transfer for institutions nationwide.
- The National Automated Clearing House Association (NACHA) regulates the ACH network.
Processing with ACH is fast, flexible and secure. ACH payments are a popular and efficient alternative to credit card or a paper check. Advantages include:
- Reduction in payment processing expense
- Paper Checks cost $3 - $5 per check to send, and time is spent to receive, process and deposit
- Credit Cards cost 1.5% - 3% of the purchase cost per transaction
- ACH cost less than $1 per transaction
- Improve billing efficiency and customer convenience
- Eliminates the time and effort required to write and deposit checks
- Eliminates the possibility of lost, stolen, or late checks
- Save time and resources with recurring billing and invoicing
- Capture more initiated sales by enabling customers that do not have a credit card to use their checking or savings account information to deduct funds for the payment of goods or services.
- Robust Report Options
- Access Pre-Made Check Reports, Pre-Made Customer Reports and create Customer Reports.
ACH Payments are processed using a customer’s bank account information to deduct funds directly from a checking or savings account to pay for goods or services
- Obtain customer authorization to electronically transact from their account for payment.
- Enter the customer's bank account information and transaction details into the “Gateway” (The Gateway sends transaction details for electronic processing).
- If initiated before 6 pm ET, the transaction will be submitted for processing that same day.
- If it is initiated after 6 pm ET, it will be submitted for processing the next business day.
- All transactions submitted in a day, prior to 6 pm ET, will batch out automatically at 6 pm.
- Once submitted, transactions take a minimum of three (3) business days to process.
- For example, A transaction that is submitted on Monday, before 6 pm ET, will be processed through Thursday.
- The settlement of funds will take place after 6 pm ET on the third day.
- All funds due will be electronically credited to the allotted business bank account.
Whether processing at the point of sale, through a website, via fax, email or even over the phone, VeriCheck helps businesses safely accept payments and manage transactions.
- WEB – Website-originated debit initiated by the customer
- PPD – Personal account debit entered through the online virtual terminal
- CCD – Business account debit entered through the online virtual terminal
- TEL – Telephone-originated payment (information provided by the customer over the phone)
- POP – Point of purchase (e.g., a cash register)
- BOC – Back office conversion (paper checks converted into electronic transfers)
- ARC – Accounts Receivable Checks converted into ACH transactions
- Each customer will receive credentials to access our online ACH payment terminal.
- Customers with existing payment terminals can use our API to easily integrate ACH payment processing functionality.
While we do service a variety of business types throughout the United States, there are certain business classifications that are listed on the Restricted and High-Risk List.
Yes, 2 months bank statements.
- Bank statements are also used to set the high-ticket amount
No, this is not a standard requirement. However, businesses requesting accelerated funding, non-traditional or high-risk business types may require a reserve.
Funding time is set based on discoveries made during the underwriting evaluation. New/high-risk businesses may be put on extended funding until there is sufficient processing history.
- Standard Funding time is 3 days
- Extended Funding time is 5 days or greater
- Standard Credit Funding time is 4 days
- Extended Credit Funding time is 5 days
- Reversal Funding time is next day
We generally do not make changes to funding time, velocity or credit functionality within the first 90 days.
- After 90 days, all change requests can be submitted to email@example.com