Although we live in a high-tech world, the majority of B2B transactions still involve a checkbook. This is simply because the user-friendliness of checks is clearly appealing. Despite all prophecies of doom, check payments will not disappear; they are just evolving from paper to Check 21 and ACH.
The United States Patent and Trademark Office is in the process of examining the patent application for our Mitigation Monitor™. Payment21® has invented a mitigation process that estimates the risk of a real-time payment defaulting or not. Our proprietary Mitigation Monitor™ can be adjusted to industry specific preferences reflecting specific business rules and customers’ check-writing habits. This state-of-the-art fraud prevention solution monitors and rejects transactions from suspicious or abusive users before the Instant eCheck™ reaches the payment system thereby saving merchants money in processing and returned transaction costs.
Most online merchants accept debit and credit card payments, but many do not offer an e-check option for their customers. E-check acceptance is easy to implement, and studies show that offering additional payment options can increase transaction completions significantly.
Here is the secret on how to process ACH or Check21 at low cost and with low
With Payment21®’s fraud prevention services merchants and consumers are at ease. Our customizable Verification Loop™ and proprietary Mitigation Monitor ™ (patent pending) reduces return rates significantly - making Payment21R the most economical check processing solution overall.