Remote capture of eCheck entries & secure printing of check drafts
This product is aimed at merchants who already have an established bulk check deposit relationship with their bank, with perhaps even a method of scanning checks and sending mail-in checks electronically, also referred to as Remote Deposit Capture (RDC). It is tailored to merchants who prefer to print their checks on their own.
Our product streamlines your existing process by allowing your customers to enter their check details online rather than mailing in checks via the post. For each transaction, Payment21® captures the check details directly over the Web and queues the eCheck for printing on check paper at your office. Verification of account data is available upon request.
eCheck Print™ captures eCheck entries and securely prints check drafts ready to be deposited through Remote Deposit Capture (RDC) in accordance with the Check 21 legal framework.
For compliance reasons, merchants are required to add specific verbiage to obtain preauthorization from the consumer for the check drafting process for clearing and settlement of the debit payment through Check 21.
Merchants need to make sure that check drafts are duly authorized and consumers are identified in a commercially reasonable manner.
The general process for this service is:
Step 1: Customers select products and add them to merchant's shopping cart.
Step 2: Customers proceed to the checkout page.
Step 3: Customers register or login to their account.
Step 4: Customers enter or confirm their personal details including:
- First and last name
- Billing address
- Out-of-wallet security question such as the last 4 digits of their social security number
Step 5: Customers are requested to enter the following information on the cashier-page:
- Bank routing number
- Bank account number
- A valid check number taken from their check book (optional)
Step 6: Merchant sends the checking information entered along with the customer details over a secure connection to Payment21® (established by API).
Step 7: Payment21® verifies the customer banking details via our customizable Verification Loop™ and patent pending Mitigation Monitor™ to ensure that the account exists and that there is a positive balance.
Step 8: Merchant then sends the eCheck with a confirmation of positive validation to the queue, to await processing.
Step 9: You, as a merchant, can securely log into the check-printing page on Payment21®, select the eChecks for printing and print these eChecks on your own printer.
All of the Payment21® options for processing eCheck-entries are flexible. eCheck Print™ is designed with a view to meeting all your business needs and making your staff's lives easier by offering a convenient set of eCheck payment tools that goes far beyond the capability of any other competing application.
In short, eCheck Print™ provides:
- Lower fees than credit cards
- Access to more U.S. consumers than any other online payment method
- Capture of eCheck entries and printing of check drafts combined
- Lower returns due to our fraud prevention technology
- Real-time access to transactional data and a full reporting suite
- CSV-export of all reports in order to import data into your accounting software
- Quick clearing and fast settlement of funds to improve your cash flow
Pricing for eCheck Print™
This model works with a fixed price applied to each check and charged per transaction. The price remains the same for each check payment regardless of ticket size or monthly volume. For this model, there is no minimum number of transactions per month nor is there a volume discount. Fraud prevention is optional. After an online check is submitted by a customer, an e-mail notification is sent to the merchant. The merchant accesses our secure portal, from which he/she can print the checks.
|Ticket Size in USD||Transaction Fee in USD each|
|All ticket sizes||0.25|