Automated Clearing House (ACH), a federally regulated electronic payment network, provides a safe, reliable method to move money electronically. Used by 95 percent of U.S. financial institutions, ACH services enable merchants to eliminate the printing of checks and drafts and to be informed of return items 3-5 days sooner than traditional methods, lowering check processing costs and return fees.
Through our intelligent iDeposit software application, FEDChex provides clients with least-cost routing of consumer and business payments via the following supported transaction vehicles:
These services allow merchants to accept checks at the point of sale and convert those items at a later time to ACH debits or image exchange items. FEDChex’s RDC & BOC solutions provide merchants an efficient, end-to-end solution for accepting checks electronically while reducing costs associated with accepting and processing paper checks.
Account information is captured from a paper check and converted to an electronic transaction, which is then presented and returned through the ACH network.
POP Converts consumer checks into electronic transactions at the point-of-purchase via the ACH network. Merchants are able to increase efficiency, streamline processes and, most importantly, reduce costs utilizing FEDChex’s POP solution. This service is offered as an a la carte feature or can be bundled with our oneDEPOSIT service (dPOP), which allows merchants to realize greater manageability and reduce costs associated with payment processing and back office labor.
RCK allows merchants to collect on NSF checks electronically via the ACH network. FEDChex’s RCK solution provides merchants with increased recovery rates over current industry average and includes patented treasury management tools combined with the industry’s only consumer-centric electronic loss prevention solution.
PPD allows merchants to participate in the ACH through the electronic transfer (direct debit) of bill payment entries. The consumer grants FEDChex authority to initiate periodic charges to his or her account as bills become due on behalf of our clients.
This application can be either a credit or debit application where funds are either distributed or consolidated between corporate entities. This application can serve as a stand-alone funds transfer, or it can support a limited amount of payment related data with the funds transfer.
TEL allows merchants to accept check payments over the phone by processing the transactions electronically using the ACH network.
WEB enables merchants to accept check payments via the web using the ACH network.