USING HIGH RISK ACH PROCESSING TO GET PROMPT
PAYMENTS
If you are running a
business that gets monthly payments from
its customers, then any default by the
customer will cause a huge dent in your
profitability. The problem occurs when
you have to remind your customers each
month to make their payments. Even
worse, the customers will say that they
have already mailed it which might be
true or false. To stay away from such
problems, you have to install the “ACH
Payment System”. Furthermore, to prevent
fraud, you need the “ATM Verify”
technology for determining whether the
electronic checks are valid.
The “ACH Payment
Processing System” will allow complete
automation of collecting payments which
are recurring and also for one time
payments. The payment system makes use
of electronic checks that is got by
scanning the regular paper checks that
your customers issue. The primary
difference is: there is no need for you
to have the paper check. You will only
need the information regarding the
checking accounts of your customers for
you to collect electronic checks each
month. This processing system eliminates
the expensive invoicing, collection
calls and all other annoying tasks in
the period of payment. You only have to
debit the account of your customer with
the amount and then get it credited to
your account. The process is so simple
that it has become a very popular option
to payments of recurring bills.
However, you need to take
some steps to make your transactions
secure. One way to protect your company
from e-checks that have Non-sufficient
Funds is to make use of the “ATM Verify”
technology. It is a tool that verifies
checks which is used to make payments
through the ACH processing system. This
technology uses a database that contains
details of all accounts of all the
participating banks. It will find the
exact account that is linked with the e
– check and then, find out whether the
account has sufficient funds or not.
Once this data is verified you will get
a notification instantly. If the e –
check has no problems then you can
process it further to get your payments.
Suppose the e – check is not valid then
you can ask your customer to issue
another valid e – check or demand any
other means to pay their bills.
You may have a few
customers who aren’t comfortable with
the idea that their account will be auto
debited each month. In such a situation,
you will be able to accept e – checks
from your customer over the phone. For
example, on the due date, you simply
call your customer and take the account
information and routing number from him.
Then you have to enter this data in the
“ATM Verify” software and check whether
the account is valid and has sufficient
funds. If it is positive then you can
process the payment through the ACH
processor. You can thank your customer,
wish him luck and hang up the phone.
This is less automated than the previous
method but it is better than waiting for
paper checks.
Contact one of our helpful account
representatives to assist you in the
setup of a
high risk merchant account or
offshore merchant account for a
high risk merchant. |