Businesses With Recurring Payments Are Cash King

March 15, 2014
Tina Brandon

Benefits of eChecks for Recurring Payments Electronic checks (echecks) are particularly beneficial for merchants that offer recurring billing or subscription payments.  Echecks are a stable payment option for merchants that are interested in protecting cash flow for recurring payments. The more payment options you provide your customers, the more sales you will generate.  Of course, […]

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Reducing Risk in ACH and Check 21 Payment Processing

January 30, 2014
Tina Brandon

Reduce Risk, Increase Sales As beneficial as echecks  are to online merchants, increasing sales up to 20%, merchants still have some concern about the payment option. Echecks are among the safest ways to accept payments methods for online merchants.  Standard security technology and encryption include authentication, public key cryptography, digital signatures, certificate authorities and duplicate […]

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ACH for Recurring Payments

October 3, 2013
Tina Brandon

Recurring billing payments are direct debit transactions that automatically bill and collect money from customers on a regular, recurring basis.  Money is electronically transferred from a customer’s bank account to the merchant’s or biller’s bank account. Recurring payments are particularly well-suited for ACH processing, and are more effective to ensuring long-term cash flow than are […]

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ACH Payment Processing from Banks

September 17, 2013
Tina Brandon

ACH Payment Processing from Banks? Merchants often ask if ACH payment processing is available through a bank rather than a third party ACH processor.  The answer is “It depends.” Some financial institutions will provide ACH payment processing to major accounts.  If you run a blue-chip company, with tens of thousands of transactions per month, a […]

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Applying for an ACH or Check 21 Processing Account

August 2, 2013
afender

Applying for an ACH, Check 21, or echeck (http://www.nationalach.com/services/ach-echeck-processing/ )account is similar to applying for a short term loan with a bank.  The bank will want to see application forms, bank statements, processing history (if available), and other standard due diligence documents. These days, however, underwriters also Google the name of the business as well […]

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Online Payday Loans are Big Business

July 18, 2013
Tina Brandon

Payment processing for online payday loans is getting more challenging to obtain. Yet, good accounts are still available for both US and offshore payday loan companies The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are examining banks’ roles in the online loans and are expected to issue new guidelines […]

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ACH Processing for Offshore Payday Loan Companies

July 16, 2013
Tina Brandon
ACH

Fifteen states have already banned payday loans and many others are considering banning the industry.  (http://www.nytimes.com/2013/02/24/business/major-banks-aid-in-payday-loans-banned-by-states.html?pagewanted=all&_r=0_ )  As a result, payday lenders are setting up online operations offshore. The challenge is for offshore payday lenders to access ACH processing services in the US.  ACH is used to automatically debit and credit the bank accounts of consumers […]

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What is the Automated Clearing House (ACH) Network?

December 7, 2012
Tina Brandon
ACH

The ACH Network is an electronic payment processing platform through which monies and payment-related data flows.  The network is a safe, secure, method for transferring  consumer, business, and government payments.  Billions of dollars are processed annually through ACH, including direct deposits and direct payments.  The network is governed by NACHA Operating Rules, which give the […]

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Payment Processing for Payday Loan Companies

July 23, 2012
Tina Brandon

Payday loan companies use ACH and Check 21 services to process payments.  Most payday loan companies are processing high volumes of transactions. There are 2 types of accounts established for payday loan companies. Debit accounts are established that authorize repayment of the loan via a direct debit from the borrower’s bank account.  Lenders obtain authorization […]

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International ACH Transactions: Increased Demand but Slow Implementation

May 22, 2012
Tina Brandon
ACH

Two years after the passage of the International ACH Transaction (IAT) code, most businesses are not using the service due to three main reasons: Complying with the IAT rules is an added expense.  These days, businesses are focused on decreasing costs. IAT requires companies to implement technology and process changes in order to conform with […]

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