If your business accepts personal checks, then you can streamline your operations and get the money into your account faster with electronic check processing, or ACH.
Electronic Check Processing, more formally known as ACH (Automated Clearing House) is a process that allows you to electronically debit and credit bank accounts and savings accounts of customers and business partners.
ACH allows you to accept checks over the phone or online and to provide direct deposit to your employees. All Electronic Check Processing transactions are resolved almost in the same way as traditional checks. The clearing house files all transactions daily categorized by where the check was cashed or deposited, totaling the amount, and credit or deduct all accounts accordingly.
Get the Right Tools and Equipment for ACH Processing
From 20 transactions per month to 100,000 per day, we have the tools you need to make the ACH process easy, secure and reliable. If you set up the right infrastructure, then you can:
- Get paid faster using secure ACH electronic payments
- Place more customers on recurring billing with an ACH-based automated payment plan
- Process ACH checks and credit card payments at the same time
- Reduce your payment processing costs
- Automatically collect on NSF checks
Electronic Check Processing Cycle
Here is how the ACH batch process works, from start to finish.
- Transaction is Created: To create a transaction or in other words, to solicit a charge from a customer, or to credit a customer you log into your Virtual Terminal and enter the customer information such as Name, Address, Transaction Amount, Routing Number, Check Number, and Bank Account Number.
- Transaction is submitted to the Federal Reserve for Authorization: We submit the transaction information to the Federal Reserve Bank, which allows for the fastest processing available. All transactions are stored in a database that is secured with the latest security and encryption standards and will be included on your monthly statement. Note: once a transaction has been submitted, it cannot be canceled or modified.
- Transaction is Cleared or Rejected: As soon as the transaction has cleared, the credit amount is deposited into your checking account. Banks may still reject a transaction even after it has been cleared, which is known as a charge back. All returns or charge backs are resubmitted for payment. We can work with you to minimize costs of returns and charge backs.
Due to the nature of the Federal Reserve and the structure of the banking industry, ACH transactions cannot be completed instantly, however, a typical ACH transaction completes within 3-4 business days.
Easy Internet-Enabled Electronic Check Processing
Electronic check processing fees are typically lower than those of credit cards or PayPal, so you can keep more of your money. We provides merchants with the tools to accept and process payments from consumer and corporate bank accounts directly from the online store, online bill payment portal, or through our Virtual Terminal. This capability provides consumers with an expanded range of payment options enabling merchants to broaden their target audience and thereby grow online sales volume, increase the chance of collecting account receivables, and overall speed up billing processes.
The MPS Difference for Electronic Check Processing
You accept personal checks, and taking them online or over the phone provides your customers with even more ways to pay you. Providing more options makes it easier for your customers, and that’s what you want. But are you paying too much for your processing fees?
Our experienced, trustworthy staff can:
- Review your existing solution
- Analyze the payment options that you offer your customers
- Ensure that the equipment that you use to process payments is up-to-date
We can go over the various Electronic Check Processing options and help you choose the right type for your business needs, providing you with the most advanced processing solutions, backed up by our years of experience!
We’re honest, up-front and have your best interests in mind, not ours. You can trust us to help you make the right decisions, the cost-effective decisions, the common sense decisions that will help improve your bottom line. This is how our service goes beyond the sale, and we keep you a customer for life!
If you run a business, and you are looking for an honest, trustworthy company that can provide you with electronic check processing solutions then give us a call today at 866-239-2541. If you can’t call right now, send us an email and one of our representatives will get in touch with you.
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