Check Processing Services Key Terms

Understand the meanings of check processing services key terms
By Missy Duncan Check processing services can help you process multiple and recurring payments as well as verify available funds. These service can lower the number of non-sufficient funds checks and charges. Many small businesses are choosing to use these service to help them have peace of mind about using their checks. There are some industry terms and phrases that could  confuse new customers. Learning the meanings of check processing services key terms reduces confusion and helps you find the services you need.

The Electronic Payments Association

The Electronic Payments Association, more formally known as NACHA, oversees the Automated Clearing House (ACH) companies. NACHA institutes rules and regulations for all ACHs.
Try:  NACHA's site provides important information regarding check processing for banks and businesses.

ACH

The Automated Clearing House (ACH) is a nationwide bank transfer network. The ACH uses a batch system to conduct multiple transfers at once. The Automated Clearing House can be used for direct deposits, business-to-business transfers and direct payments.
Try:  The EFC offers information about the Automated Clearing House network. Read more about the ACH at the BankingGlossary.

ITI Internet Services

ITI Internet Services check processing helps businesses set up processing over the Internet, which is much more cost effective than accepting credit cards. This company charges fees that remain the same regardless of the amount of the check being processed.
Try:  Find out more information about ITI Internet Services.

E-check

An e-check, or electronic check, is a check that is transferred through the Internet. Many check processing companies allow e-check transactions so that their customers can accept check payments over the phone.
Try:  Hearst Seattle Media provides an article about the rapid growing popularity of e-checks. OP Payments supplies an example of electronic check services.

NCN

National Check Network (NCN) is a national database of more than 120 million bank accounts across the country. This network is commonly used for check verification and approval.
Try:  The National Check Network website provides a wealth of information about the network. Security Check also offers information about NCN.

RPM

RPM stand for a Recurring Payments Manager. RPM is also called automated recurring billing (ARB). An RPM is a check processing service that allows users to process regularly scheduled payments. These are commonly used by customers who pay the same bill amount each month.
Try:  Electronic Clearing House provides more information and an example of an RPM system.