Government regulations are seemingly always changing, causing financial institutions to be nimble and retool the institutional distribution and reporting process. Now more than ever, it’s imperative to find payment processing efficiencies to streamline deposits either into a fund or to a plan participant. ACH (Automated Clearing House) is a regulated and trusted network that provides a fast, affordable solution for collecting or distributing retirement plan payments in a timely, efficient manner.
VeriCheck’s custom solutions for pension funds are ideal for contributors, lump-sum or rollover distributions because they provide streamlined operations for each distributor. Any ACH solution can be integrated into existing software for convenience and security, and built with ease of reconciliation for on-time and accurate payments direct from or into bank accounts, providing the contributor peace of mind.
Who Does VeriCheck Assist in the Retirement Plan and Pension Fund Industry?
VeriCheck’s system provides ACH and eCheck functionality that will enable any deposits of funds directly into bank accounts. VeriCheck uses proven innovative technology and compliance expertise to provide valuable solutions for fast and secure payment processing in the pension fund industry.
We primarily work with the following entities in the industry:
- Pension funds
- Government agencies
- Companies that provide pension plans
How Does VeriCheck Benefit Pension Funds?
Funds benefit from utilizing ACH and eCheck solutions because it saves time and money by carrying out the tedious distribution work, freeing up staff member time. VeriCheck’s payment processing is designed to seamlessly and securely transfer funds to keep the most important piece of business moving.
Benefits for pension funds include:
- Setting up automatic, recurring payments
- Increased flexibility for collections or deposits
- Accurate forecasting abilities
- Improved office efficiency and functionality
- Reduced loss due to risk
- Improved customer experience
- Less paperwork
VeriCheck can provide efficient, cost-effective solutions for all plans – whether processing one-off payments or large numbers of distributions.
What Services Does VeriCheck Offer?
ACH or eCheck billing direct from bank accounts allows staff member time to be redirected away from processing finances or regulation research to focusing on keeping business moving. With an ACH payment processing solution, you can simply debit a plan participants’ bank account.
Pension fund companies can benefit from our comprehensive offerings, including:
- Custom API for simple integration to existing software
- Payment assurance
- Set up customers on automatic payment plans by using the recurring billing feature
- Store customer and payment information in a secure and compliant web database
- Ability to accept ACH payments and eChecks
- Enable customers to pay on the website or by phone
- Set up customized access control to allow customized views for each user under a single account
Contact us today for a live demo of how VeriCheck can help your business.