Understanding the Recent NACHA Updates to R06 and R17 Return Codes: What Merchants and ISO Resellers Need to Know
December 6th, 2024
As of October 1, NACHA has expanded the definitions of R06 and R17 return codes to provide additional flexibility for handling ACH transactions. Whether you’re a merchant, processing payments via ACH or an ISO reseller helping merchants implement these payment capabilities, it’s important to stay informed about these changes to ensure efficient and secure transaction […]
Cost-Effective Payment Solutions: How ACH Saves Merchants Money
December 6th, 2024
In today’s fast-paced digital world, merchants need to adopt cost-effective payment solutions as they significantly lower operational costs, improve profit margins, and cater to the unique needs of their clients. Enter the automated clearing house (ACH), a key system progressively transforming the financial industry. Popular ACH uses include direct deposits, vendor payments, payroll, and other […]
Why ACH Payments are the Future: Trends and Opportunities for Resellers
December 6th, 2024
Payment trends continue to focus on faster, more secure payments. Consumers want convenient payment options, businesses need efficient payment processing, and everyone wants a low-cost solution. Increased demand for embedded payments, cross-border transactions, and same-day processing push financial systems to develop new systems and processes. And yet, the growing sophistication of cybercriminals requires payment processors […]
Unlocking the Hidden Potential of ACH Payments for Your Merchant Clients
December 5th, 2024
We understand that the goal of every reseller is to find the best payment solutions for their merchants. To do right by them, support them and bring them competitively priced options that set up their business for success. It’s this challenging landscape that drives them to look to your support. Should they accept checks? What […]
Revolutionizing Healthcare and B2B With the Power of ACH
November 14th, 2023
The Automated Clearing House (ACH) Network has seen relentless growth and transformative influence in 2023. During 2023’s initial first half, ACH handled 7.7 billion payments, collectively valued at a staggering $19.7 trillion in the first quarter alone. This momentum intensified in the second quarter, with the network facilitating 7.8 billion payments, equating to an impressive $20 […]
Visa + Mastercard Are Raising Rates: Why Your Business Should Switch to ACH Payments
October 5th, 2023
With Visa and Mastercard recently announcing plans to increase credit card processing fees starting in October and April, many businesses are looking for ways to offset these extra costs. While some may choose to raise prices for consumers, another option is to transition toward more cost-effective methods like ACH payments.
Navigating the Digital Payments World: Leverage the Power of Personal Support
August 16th, 2023
The business landscape is evolving and transforming how we conduct business, regardless of industry. Payments, healthcare, real estate, education and more are feeling the effects that both positively and negatively impact their businesses. In the payments landscape, ISOs play a vital role in supporting businesses in processing electronic payments, managing merchant accounts and providing value-added services to those businesses. But often, those ISOs are only as effective for their merchants as their processors’ support system.
The Explosion of ACH Payments Adoption and What Merchants & Resellers Need to Know
June 23rd, 2023
Merchants and ISO resellers are quickly adopting ACH payments because of its lower processing fees to save merchants money, higher margins for resellers, convenience fee alternatives and cash discounts.
Micro-Entries: New ACH Rule Effective September 16, 2022
September 8th, 2022
New ACH Micro-Entries rule for organizations that send challenge deposits (Micro-Entries) to customer accounts to validate the account. This Rule will define and standardize practices and formatting of Micro-Entries, which are used by ACH Originators as a method of account validation.
Why ACH Is More Profitable For Cash Transfer Methods
June 21st, 2022
ACH payments have quickly grown in use for B2B businesses because of its low cost and fast transfers, leaving room for additional ISO fees.
Retail Merchant Pool is Shrinking: Why You Should Move to B2B
April 12th, 2022
The Retail Merchant Pool is shrinking as digital transformation wave sweeps across industries like in the case of online shopping. Discover other opportunities to compensate for this shrinking.
You Want to Process ACH Payments. Do you Build it or Buy it?
January 13th, 2022
To build ACH yourself might seem simple, easy and risk-free. But it's not. Here are things to consider and how VCI helps mitigate any risk to your company.
Impending WEB Debit Authorization Requirements and VCI’s Solution
December 22nd, 2021
NACHA will enforce a new rule beginning March 2022 that requires that all first-time WEB debits from consumers be validated before submission to the ACH system.
The Top Three Ways to Make More Money by Onboarding Merchants to ACH Processing
November 1st, 2021
Here is an unpopular opinion: you’re missing out on money by having your clients process payments through credit cards. (Yeah, we’re serious!)
What Are ACH Transfers and How Do They Work?
October 26th, 2021
ACH or Automatic Clearing House transfer is a type of electronic fund transfer (EFT). The National Automated Clearing House Association (NACHA) oversees the ACH network ACH transfers as they are processed. ACH transfers are digital payments that have been increasingly adopted among individuals and businesses. According to PR Newswire, in the second quarter of 2021, […]
One-on-One with Sanjay Patel, Director of Technology
September 7th, 2021
Sanjay Patel was recently appointed Director of Technology, and has a lot of exciting things in the works. Each of which will help our ACH payment processing clients and partners grow. Here is a little more from Sanjay about his new role and focus!
Growth and Internal Changes at VeriCheck Focus on the Client Experience
July 20th, 2021
In response to the changing business climate, VCI has made several changes in its organization. These changes are focused on increasing client experience. We’re investing in new technologies that will improve efficiency with clients and streamline internal processes. VCI offers ACH verification services and verified payment processing solutions. Ultimately, these solutions help businesses grow their bottom […]
VeriCheck’s Integrations & Gateways Lead the ACH Payment Processing Industry
July 8th, 2021
For more than 30 years, VeriCheck’s integrations and gateways have led the ACH payment processing industry. VCI is a stable, bank-sponsored payments company that continues to evolve and partner with innovative solutions to transform the ACH payments space. VCI was established to help businesses improve their payment processing efficiency by providing innovative payment solutions. We […]
Turnkey Plugin for Salesforce ACH Transactions
May 19th, 2021
We now can integrate our ACH platform with with Salesforce to process ACH payments! It's available to all ISOs and Resellers and has some really cool features like Recurring Payments, ACH Processing, Tokenized Saved Cards and more.
VCI Launches New NetSuite Integration
April 20th, 2021
NetSuite is a popular platform with over 20,000 organizations using it across more than 100 countries. It offers enterprise resource planning (ERP) and customer relationship management (CRM) solutions to its customers, both of which are solutions that allow businesses to manage all their operations and customer relationships online easily and affordably. Why Use NetSuite? NetSuite […]
More Growth in Store for 2021: ACH Networks
March 13th, 2021
The volume of payments through ACH wire transfer increased in 2020 by over 8% since the previous year to a record 26.8 billion. It’s also the 6th year in a row where payment volume went up by a billion. Much of the increase is due to the pandemic and the shift to direct transfers like […]
A Different Way to Save Costs: Don’t Accept Credit Cards
February 19th, 2021
It is estimated that credit card companies charge a processing fee of between 1.3 and 3.4 percent per transaction. These are costs that businesses can opt to save by simply not accepting credit cards as a means of transacting. How would you like to save your business some precious dollars? Read on to discover a hassle-free method of payment processing that could save your business some serious cash.
VeriCheck’s PCI Compliance in ACH Payment Processors
February 19th, 2021
ACH payments are typically low risk due to automation, making fraud harder to detect. Making matters even more challenging, business accounts have only three days to reverse a fraudulent ACH transaction. Although not mandated for ACH transactions, if PCI standards were to be followed consistently in the ACH environment, fraud could potentially drop considerably. Following PCI guidelines for safe ACH payment processor use is a wise strategy.
COVID-19 Has Driven More Digital Online Payments
October 21st, 2020
Online transactions are on the rise due to the effects of the COVID-19 pandemic. In March, an increase of 74% of online transactions was experienced compared to last year. More consumers are adopting safer and more convenient payment and banking methods. Consumer behavior is changing and online banking is becoming popular. More consumers are discovering the convenience and ease that comes with digital online payments.
Why You Should Consider Recurring Billing
September 14th, 2020
Recurring billing is a convenient way for customers to pay for goods or services received. It also allows businesses to reduce invoicing costs and optimize cash flow, among several other benefits. The following information will discuss what recurring billing is, what it involves, and the benefits that it can yield to consumers and merchants alike.
How Small Businesses are Responding to COVID-19 Amid Global Concern
May 1st, 2020
The last few weeks have thrown the small business world for a loop. From closures to cancellations and downsizing, the business industry has taken a hard hit by the COVID-19 coronavirus. While there are difficult and uncertain times ahead for many across your communities, this crisis has also led many businesses to implement innovative practices and creative solutions to adapt to society's needs during this period.
The CARES Act Explained
April 17th, 2020
The CARES Act is the largest economic rescue package in the history of the U.S. There are a lot of great things in it, but it’s also quite complicated. We’ve broken it down for you so you can take action to get financial relief for yourself, your family, your employees and your business.
How ACH Payments Cut Costs During COVID-19
April 3rd, 2020
Business owners are usually prepared for many things, whether it's an unexpected employee absence, a cyber hack, or a seasonal fluctuation in sales. However, the global COVID‑19 coronavirus pandemic has brought unprecedented challenges leaving many businesses uncertain about these difficult times.
NACHA Return Code R11 Repurpose is Here
March 27th, 2020
Effective April 1, 2020, there will be a new definition of the existing R11 return code. Here at VeriCheck, we are ready to integrate this new use of the R11 return code, and have also worked to make sure that the R11 code is aggregated correctly with the other Unauthorized return codes—R05, R07, R10, R29, and R51—for reporting purposes, for calculation of return rates, and for billing. Read about the changes and VCI's approach today.
The Payment Processing Revolution: Why Your Company Needs to Stay at the Forefront
March 19th, 2020
Business owners that utilize payment processors are increasingly seeking payments solutions companies that are comprehensive and offer the options they need to streamline their businesses, and that their customers want. It is subsequently imperative that businesses stay ahead of both domestic and international payment processes. Let's take a look at industries that are leaders in the payment revolution, why now is the time for payment changes and how VeriCheck is helping businesses stay at the forefront of the payment industry.
How Payment Processing Drives the Economy
February 13th, 2020
The ability to effectively sell a business's products or services is one of the most important aspects of running a company. After all, a business will not run if products do not sell. But what about the actual transaction between a company and the consumer? It needs to be a seamless experience for the customer, and the business must ensure that they collect their money. With the use of electronic payments on the rise, an effective payment processing system has never been more important.
Top Tips to Streamline Your Accounts Receivable
January 24th, 2020
Every business owner wants clients to pay for their goods or services as soon as possible. Unfortunately, it's common for customers to delay payments for weeks or months after deadlines. And naturally, when accounts receivable (AR) overgrows, it often diminishes the cash flow of a business, and subsequently hurts operations and growth opportunities. Organizations therefore require reliable AR management to ensure that customers pay their dues on time.
The Impact of Artificial Intelligence on Payments
January 14th, 2020
The modern consumer wants fast and secure systems capable of processing instant payments anytime, anywhere, right? We all do. And artificial intelligence, an indispensable driver of fast-paced innovations across various industries, is undoubtedly the best solution to achieve that. Communication between humans and devices continues to improve with growth in AI. In the payment technology industry, it has revolutionized the interaction between customers, financial institutions, payment processors and merchants.
Security and the ACH Process
June 19th, 2019
ACH (Automated Clearing House) is a nationwide, computer-based network. It electronically processes transactions between participating financial institutions. It is one of the fastest, most reliable ways for people and companies to transfer funds between bank accounts. Consequently, ACH transfers are one of the safest money transfer methods because they have the backing of federal law.
Business Owners, ACH, And Their New Websites
May 8th, 2019
Are you considering incorporating a new payment solution into your website, but would like more information on potential options before making a final decision? If so, we'd like to share with you an alternative to the traditional methods (i.e., credit cards and paper checks) that is increasing in popularity amongst business owners and consumers. Have you heard of ACH? If not, you are in for a treat.
What is ACH and How Can it Benefit Your Business?
April 25th, 2019
The ACH Network, or Automated Clearing House Network, is a batch processing system at the center of U.S. commerce. Every year, 24 billion electronic financial transactions move over $41 trillion. This makes the ACH Network among the safest, largest, and most reliable payment systems in the world. Keep reading to learn how this safe, reliable payment processing system can benefit your business.
How to Select a Payment Processor
April 10th, 2019
Selecting a payment processor is an important one for a business. Not all payment processors provide the same level of service, capabilities, and customization, and their fees can vary substantially. To offer ACH as a payment option, a business needs to partner with an ACH payment processor that is equipped to help their business grow. Here are the top 5 tips to select an ACH processor.
Check Giving with VeriCheck Through Continue to Give
March 28th, 2019
Did you know that 60 percent of churchgoers are willing to give to their church digitally? In this digital age, online giving is becoming the new norm. In fact, when it comes to donating, 68 percent of people want digital options. There is not a more seamless and secure way to collect online donations than by using Automated Clearing House (ACH). ACH is a global electronic payment delivery system that electronically moves funds from one bank account to another. It’s easy, fast and secure – three things that digital givers look for in today’s day and age.
Why You Should Build ACH Into Your New Website
March 4th, 2019
ACH (Automated Clearing House) is a nationwide computer-based network that electronically processes financial transactions between institutions that participate in it. An ACH option should be available on your new website because it can save you money, make payment matters easier and more convenient for your customers, and provide more time to focus on growing your company and adding new services.
What ACH Debit Solutions Save Time and Money?
December 13th, 2018
If you’re in need of an efficient and convenient payment solution, this blog is for YOU! This editorial will help you become familiar with VeriCheck's One-Time Payment Form, Recurring Debit, Invoice and Billing tools. Utilizing these tools will help to simplify what can otherwise be a frustrating part of your business operation. Note that these solutions may already be included in your VeriCheck ACH account.
Is ACH a Secure Payment Option?
November 28th, 2018
While there's nothing wrong with being the "new kid on the technology block," ACH has been a payment option for over 40 years. With the continued support of several Bankers Association members, Electronic Payment Association members, and thousands of other financial professionals, the ACH network continues to thrive as a secure and efficient alternative to paper checks.
5 Ways to Simplify Payroll with ACH
September 21st, 2018
Payroll can be time consuming and cumbersome. It can easily take your time and the time of your top managers away from more productive pursuits such as developing and selling new products. Here are five suggestions to simplify and streamline your payroll process and ultimately help your bottom line.
Accounts Receivable Made Easy with Recurring Billing
July 6th, 2018
Recurring Billing is an automated payment model that allows you to automatically deduct payments from the customer's bank account on a periodic basis (i.e. weekly, bi-weekly, monthly, etc.). This solution requires the merchant to obtain the customer's banking information and authorization at the start of the installment plan, which will remain in place until the arrangement is satisfied or the customer withdraws permission.
How to Streamline Operations with ACH
May 29th, 2018
ACH (Automated Clearing House) is a nationwide computer-based network that electronically processes financial transactions between participating institutions. ACH optimizes your resources by transforming traditional payments via check issuance and facilitates expedited collection of payments. ACH not only keeps processing simple, but also reduces costs, manages risk and helps improve employee and customer satisfaction.
Top 6 Reasons to Use ACH For Your Business
March 2nd, 2018
Do you know why you should use ACH for your business? In this blog post we share several benefits of using ACH and partnering with a processor like VeriCheck. These are just a few reasons savvy business owners provide ACH as a payment option to their customers.
What are the Most Commonly Used NACHA ACH Codes?
February 12th, 2018
Below are ACH return codes, reasons and details.
If you are a VCI merchant and require more information on an ACH return please contact our support desk.
If you're not processing ACH payments through VCI today, please contact our sales department for more information.
Best Accounts Receivable Practices for Entrepreneurs
January 18th, 2018
Companies that are unable to collect payment from their customers have to turn to their cash reserves or to seek outside financing to make ends meet. This means that less cash is available to help you grow your business. Therefore, the proper management of accounts receivable is one of the best reasons for a small business to hire a payment processor that provides ACH solutions.
Top Credit Card Processors Ratings Recognizes VeriCheck As One of the Top ACH Processing Company
November 7th, 2017
VeriCheck is proud to announce its recognition by the independent authority on merchant services, topcreditcardprocessorsratings.com, on the list of Top 30 Best ACH Processors for September 2017. VeriCheck is ranked second on the list due to their remarkable performance in the thorough evaluation process. Thousands of services are considered while only the top 30 are featured in the rankings.
What are electronic checks and what are the benefits?
October 13th, 2017
An electronic check is an electronic payment funded by the buyer’s bank account. Electronic checks use information found on the buyer’s check to carry out an electronic funds transfer. They can thus be processed through the ACH (Automated Clearing House) system. Electronic checks are processed similarly to paper checks and are governed by the same laws but offer greater security and more features, such as authentication and digital signatures. They are typically processed much more rapidly than paper checks.
Lower Your Transaction Costs by Offering ACH Donations
April 10th, 2017
Most of you have heard of PayPal, one of the many payment processing platforms within the online transaction industry. PayPal does not necessarily offer lower rates on ACH transactions, even though ACH is the lowest cost of the transaction types (credit, debit, ACH); with PayPal you pay a flat rate regardless of transaction type. Now that VeriCheck has teamed with the Continue to Give software, all VeriCheck accounts not only beat PayPal in price, but they also offer a better solution in the nonprofits and churches online giving market.
What is ACH?
March 15th, 2017
Through the use of ACH, businesses and individuals are able to pay their employees, make payments to vendors, pay insurance premiums and mortgage loans, and engage in all sorts of other transactions. ACH payments are effective substitutes for checks, credit card payments and debit card payments. Both the government and the commercial sectors use ACH payments. If someone receives his or her paycheck by direct deposit or pays a bill electronically through a checking account, the ACH network is probably involved.
What You Can Get from VCI’s ACH Payments Platform
January 29th, 2017
VCI's Merchant Console allows your business to gain exclusive access to all of our payment tools. The Merchant Console can be accessed through any online web browser and provides complete PCI security compliance as mandated by the Data Security Council.
Below are the different processing and reporting tools your organization will have access to.