VeriCheck Grows 122 Percent Year-Over-Year to Process More than $2 Billion in ACH Payments Monthly
Company Attributes Explosive Growth to Expanded Partner and Reseller Program, Additional Merchant Business Offerings, and New Leadership
LOS ANGELES (APRIL 22, 2021) – VeriCheck, Inc. (VCI), a leading automated clearing house (ACH) payment processing company, today reported that it has grown 122 percent in monthly payment processing volume year-over-year as of March 31, 2021. This comes on the heels of a 22 percent growth in monthly processing volume since January 2021. The growth is attributed to the addition of several strategic leaders in 2020 and 2021 who have focused on growing VCI’s partner and client base by offering reliable and flexible payment processing options. The COVID-19 pandemic also forced an increase in digital and online payments as businesses and customers sought reliable ACH solutions.
“The recent evolution of payments has led to the increased demand for more flexible processing options that both protect the customer and give businesses access to their cash faster,” said Don Singer, Chief Revenue Officer and Chief Administrative Officer at VCI. “We’ve leveraged our relationships and added new capabilities to our proprietary platform that have attracted strategic partners, resellers and clients each month, even during the recent economic slowdown.”
Business-to-business companies are one of the largest sectors to switch to ACH payments in the last year. Historically, these types of companies collected paper checks for payment as a more cost-effective alternative to credit card processing. However, United States Postal Service delays during the COVID-19 pandemic have significantly impacted the ability to collect paper checks on time, leaving B2B companies seeking ACH processing as an alternative. Healthcare and wholesale industries also rapidly shifted to using ACH for touchless payments processing.
“Businesses are always looking to cut costs and optimize their spending, especially in an economic environment like we experienced in 2020,” said Singer. “Our new clients were also greatly concerned with security and compliance needs, and we were able to help them get access to an ACH payment processing solution that checked all their boxes.”
VCI also brought on several team members to support the increase in clients and partners, and to increase automation of processings in support of growing needs. The company added Christopher Washburn as director of sales and Justin Underwood as a business development officer. Washburn brings more than a decade of experience in providing payments solutions and top products to ISOs, ISVs and merchants alike, and is dedicated to building and strengthening partnerships to ensure a unique people-first approach in the fintech environment. Underwood brings nearly a decade of payments industry expertise and guidance, with a focus in supporting mid-size merchants optimize their payment processing operations.
“It has been incredible to be part of exponential growth of the company. And the future of VCI is very exciting,” said Washburn. “We believe that by focusing our attention, effort and resources on new technology and automated processes, along with experienced and accessible company leaders, we will be in an excellent position to take advantage of our opportunities for the long term, and will be able to pass that advantage on to our partners and clients.”
VCI is nearing the launch of VCIPayments, a virtual terminal to process both ACH and credit card payments. It leverages the latest innovations found in payment gateway technologies in order to provide merchants with the most advanced and secure ACH and credit card processing methods available. VCIPayments will be live May 2021.
VCI is also in development of the first Microsoft Azure cloud-based ACH payment processing platform. Veer™, as the platform has been named, is a customizable ACH solution that will help businesses quickly pivot to a platform that can help their business grow by saving time and money. Veer will replace VCI’s existing ACH processing platform with customizable APIs, a free online platform and off-the-shelf solutions with no third party fees or restrictions for companies with varying needs. Features include:
- Virtual Terminal
- Online Platform
- Invoice Manager
- Client Portal
- Hosted Payments Page
- Enhanced Reporting & Analytics
- Secure Platform
- Fee Program Support
- Batch Processing
- Customer Receipts
- Custom fields
“Offering both VCIPayments and Veer as new payment processing solutions is going to be a game changer for the company, our clients and our partners,” said Singer. “We’re excited to be leading innovation in the payments space and bring these tools to market.”
VCI’s culture of innovation is driven by its leadership. As a bank-sponsored payments company, VCI enjoys stable funding and will continue to evolve and innovate. VCI is sponsored by Commercial Bank of California (CBC), a minority-owned, $1.6 billion private bank headquartered in Southern California. This firm foundation enables VCI to drive innovation, invest in teams, partnerships and technology to support clients and partners in ways they never thought possible.
“The possibilities for growth and support of our partners and clients are endless. We are backed by incredible leaders and investors who are dedicated to breaking the mold of the banking and payments industries today,” said Washburn.
About VeriCheck, Inc.
VeriCheck, Inc. is a secure, all-in-one payment processing solution for any size business. Whether you’re processing at the point of sale, through your website, via fax, email, or even over the phone, VeriCheck helps businesses safely accept payments and manage transactions. By giving you tools to handle all aspects of the payment process, VeriCheck simplifies what can otherwise be a frustrating part of your business operation, while saving you time, money, and resources. For more information, visit www.vericheck.com
About Commercial Bank of California
Commercial Bank of California is a full-service bank and diversified financial services company serving the business and professional communities of Los Angeles and Orange counties. Recognized as a BauerFinancial, Inc. “Five-Star Superior Bank” for its financial strength and stability, CBC represents a safe haven for your funds, and provides the financial expertise of a major bank while maintaining a commitment to personalized service for every CBC client. More information about CBC’s custom solutions for your business is available at www.cbcal.com.