Check Processing Services
Tips & Advice to help you make your decision on Check Processing Services
Are you trying to find reliable check processing services? A check processing service is essential for most businesses, from online to stores that take debit or checks. Check processing refers to more than just physical checks, it is any transaction which uses and individual's banking account to pay a fee as opposed to cash. During this transaction the payee provides their information, either check, debit, or credit card to the vendor. An outside firm then privately and securely confirms the information with the bank and then notifies the vendor that the payment has been confirmed, then the transaction is completed. This can take a matter of seconds or a couple of business days depending on the purchase.
There are a few things you may want to keep in mind as you choose a processing service. Safety of the information is perhaps the most important concern so be sure to choose a company with a great track record in the area. Also consider the different sorts of payment options accepted. Price will depend on the company you choose and they will have different means of charging, sometimes a flat rate but most often a specified amount per transaction.
Business.com provides a number of links that you may find useful in your search.
Browse the links to the left for quality check processing services.
Check Processing Services Key Terms
Understand the meanings of check processing services key termsBy 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.
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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.
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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.
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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.
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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.
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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.
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Electronic Clearing House provides more information and an example of an RPM system.
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