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.