eCheck™ WEB is a real-time straight-through processing solution
Instant eCheck™ WEB caters to small and midsized companies. It is designed for real-time processing over the Web or through smartphones. There is no required minimum number of transactions.
Straight-through processing (STP) optimizes the speed at which transactions are processed. One of the benefits is a decrease in settlement risk. This is because a shortening of transaction-related processing time increases the probability that a payment is settled on time.
What is the difference between Instant eCheck™ WEB and ACH Debit & Credit / Check 21 EPO services?
First of all, Instant eCheck™ WEB are consumer initiated transactions. ACH Debit & Credit as well as Check 21 EPO are both merchant initiated payments.
Secondly, Instant eCheck™ WEB and ACH Debit & Credit transactions clear within 3 to 5 days while Check 21 EPO clears the same day or the next day.
Thirdly, Instant eCheck™ WEB and ACH Debit & Credit are governed by NACHA Operating Rules whereas Check 21 EPO is governed by the Check 21 Act.
In addition, there is no minimum required for Instant eCheck™ WEB while Payment21®’s ACH Debit & Credit and Check 21 EPO services satisfy requirements of high-volume clients. ACH processing and Check 21 EPO services provided by Payment21® serve the needs of large corporate clients with specific banking demands and distinctive processing needs. Utilizing business banking cash management provisions and maintaining multiple banking relationships are supported through this solution. Payment21®’s ACH Debit & Credit and Check 21 EPO services are both highly customizable. They are based on batch-processing requiring a minimum volume (10,000 transactions per month is recommended).