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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Why You Need Instant Check Verification for Your Business?

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Why You Need Instant Check Verification for Your Business?

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If you want to succeed in the business world, regardless of the size or nature of your company, you need quick check verification. Why is it so? It is because your company's bottom line determines your ability to stay in business. The company will not be able to fulfill the deadline if it continues to incur inadequate costs. Therefore, returned check fees are no longer an unnecessary expense in today's world. So, how can you make use of the plethora of new technologies that enable this? Well, an electronic check verification infrastructure can be a beneficial tech revolution for your business in the modern global economy.

Everything About Instant Check Verification

Instant check verification is a process of finding new accounts and establishing recurring payments. It allows businesses to quickly determine whether a customer's source of cash is legitimate. The process may be referred to as "onboarding" by one company and "account opening" by another. In either case, it's about a customer who wants to develop a connection with a company, open an account, or use a financial product that requires account verification to finance.

In the same way, rapid account verification is for someone who already has a relationship with a company and wants to deposit money into it.
A customer, for example, would desire to transfer funds from a certain bank to the other. They'll almost certainly wish to do so with immediate account verification. Some concrete examples of use cases are setting up verification for recurring payments, merchant payments, and bill payments. Instant check verification saves money on processing costs and speeds up the process in all of these scenarios.

How Does It Work?

There are several simple and economical electronic check verification solutions available today. They usually work through banking apps that connect directly to the customer's bank account and warn the retailer if there are insufficient funds for the customer's transactions to take place. This verification technology is mostly interspersed into retail and grocery store point-of-sale (POS) systems, but most POS systems already have it.

Companies that provide e-check and automatic clearinghouse (ACH) solutions benefit service-based enterprises' cash flow. An electronic funds transfer is known as an e-Check (EFT). Payments are processed through the automated clearing house network with an EFT. The money is electronically deducted from your customer's account when you get an e-Check.

The money withdrawn from an account is sent to the bank via ACH. The money is electronically put into your account once it arrives at your bank. E-checks differ from paper checks in that they previously had validation to have the funds required for the transaction. Within 24-48 hours of the money validation, they usually are available to retailers.

Enhanced Security

One of the most secure financial transactions a company can do is check verification. Unfortunately, for business owners, check fraud is a constant problem. In the United States, checks account for 51% of all corporate payments. When paper checks are applied, 71 percent of firms report genuine or attempted bank fraud. With such a high percentage rate, it becomes critical for businesses to have a strategy in place to combat check fraud. Instant check verification provides a verified audit trail that is simple to set up and utilize.

For more information about electronic check acceptance procedures and systems, get in touch with Premium Payments at (954)-934-9004 or (305)-747-5855.

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Why You Need Instant Check Verification for Your Business? - premiumpymts.com

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If you want to succeed in the business world, regardless of the size or nature of your company, you need quick check verification. Why is it so? It is because your company's bottom line determines your ability to stay in business. The company will not be able to fulfill the deadline if it continues to incur inadequate costs.

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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Do you require an Electronic Check Verification solution for your organisation but are unsure how or where to obtain it? There is, however, a service that will undoubtedly meet all of your requirements. We're talking about the highest-quality Electronic Check Verification services, the most straightforward approach to improve your skills in the smallest amount of time.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

# data[].attributes.attachment_link.description
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

# data[].attributes.body
Do you require an Electronic Check Verification solution for your organisation but are unsure how or where to obtain it? There is, however, a service that will undoubtedly meet all of your requirements. We're talking about the highest-quality Electronic Check Verification services, the most straightforward approach to improve your skills in the smallest amount of time.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

# data[].attributes.attachment_link.description
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

# data[].attributes.body
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Lets Bust The Common Echeck Processing Misconceptions You Have

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Lets Bust The Common Echeck Processing Misconceptions You Have

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Recurring payments are often made online using debit or credit cards and eChecks. Here are some of the most common misconceptions you might have about echeck online processing.

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We all know how overwhelming it was when we had to physically write checks, search for stamps, and go to the post office just to pay recurring bills. Today, fortunately enough, using debit or credit cards, and eChecks, these recurring payments can be made easily. Here we bring all the electronic check information you were looking for.

However, today's let's talk about some of the most common misconceptions you might have about echeck online processing:

About Protection Features

Several precautions are used by financial institutions to reduce the risks of processing controls, such as specially treated paper, watermarks, and other protective measures. This helps, but at least they are not foolproof in saving your money. With echeck online payment methods, tokenization is included in the process.

Tokenization brings more encryption to the scene by substituting a randomized character string for sensitive data. This reduces the risk of fraud and identity theft significantly.

About Costs

Although it is relatively low-tech to process paper checks, that does not always translate into lower costs. There is no need for manual monitoring and sorting for safe electronic control processing systems, leading to substantial savings.

For example, if 500 paper checks are collected per month by your company, that means thousands of dollars go to about two or three workers just to handle invoices, stuff envelopes, and reconcile software payments. With echeck online payment methods, the costs never add up.

More Market Preference

Here are some of the facts about the market share of online echeck processing. Amazingly, the use of paper checks has decreased dramatically since 2001.

The amount of check payments in the country has decreased by almost exactly 2 billion per year for each of the previous 10 years.

The use of electronic payments has grown significantly which is largely due to how quick and easy the collection of eChecks is.

It is possible to process purchases at all hours and in the comfort of a customer's home.

Electronic delivery of checks offers a secure, reliable, and flexible alternative to conventional payment methods for retailers and consumers.

If a physical checkbook goes missing or bounces, it brings a lot of concern for business owners. This is not the case with echecks.

Difference Between eChecks and Credit Card Transactions

Processing eCheck functions much swifter than processing credit cards. The main distinction is that eCheck uses ACH to move funds instead of the card networks, so payment costs are smaller. For eCheck approval, there are no credit card interchange fees and fees may be as low as 10 cents per purchase.

For firms that work with substantial or periodic fees, adopting echeck processing can make a major difference.

eChecks vs Wire Transfer and EFT

EFT or electronic funds transfer is an umbrella concept that encompasses different forms of electronic payments. The list includes the following:

Transactions like eChecks and ACH are essentially forms of EFT, but eChecks and ACH are not all EFT transactions. Here are some factors to understand:

Wire transfers shift cash from one bank account to the next. This occurs individually, one transaction at a time, unlike ACH transfers that take place in batches.

Wire transactions cost more than ACH.

Another distinct distinction is that wire transfers cannot be reversed once started, unlike ACH, and are thus deemed less reliable than ACH.

How Does The eCheck Processing Look Like?

In order to allow eCheck payments, there are some criteria that a business must meet.

First, the company must collect the customer's data, including their checking account numbers and bank routing.

You can access this information online, by phone, or in-person with a paper form. Most organizations today have websites that can offer this consumer data.

The merchant's bank will connect directly with a customer's bank using this information.

The direct debit happens via ACH once funds are checked.

A lot of money annually is transferred by ACH. Remember that in Q1 2019 alone, the ACH Network Volume rose by 5.8% as compared to Q1 2018. This is the right time for you to take one step ahead and adopt the booming technology. If you are looking for more detailed electronic check information, kindly reach out to us.

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Lets Bust The Common Echeck Processing Misconceptions

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We all know how overwhelming it was when we had to physically write checks, search for stamps, and go to the post office just to pay recurring bills. Today, fortunately enough, using debit or credit cards, and eChecks, these recurring payments can be made easily.

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Everything You Wanted To Know About High Risk Echeck Payment Processing

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Everything You Wanted To Know About High Risk Echeck Payment Processing

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Switching to an electronic merchant system will allow you to pay higher fees & returns than any other form of payment, Click here to know about the high-risk electronic check system and its benefits.

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The concept of electronic check payment processing has proved beneficial for businesses that are unable to receive ACH accounts due to chargebacks, refunds, or other reasons. ACH helps you to open high-risk echeck processing accounts.

If you switch to an electronic merchant system, it will allow you to pay higher fees & returns than any other form of payment. Irrespective of the sector you operate in, you can opt for ACH at any time. Here are some of the key benefits of electronic merchant system.

Virtually infinite processing power

High-risk accounts for echeck processing have no volume limits. Process as much amount you would like. Ten banks are incorporated within the High Risk Echeck Processing Network. By eliminating reliance on a single bank, your processing risk is reduced ten folds.

Generate More Profits: Echecks are America's most common form of alternative payment. Opting for an electronic check system is the best way to raise your revenue without extra effort.

Verification for Electronic Check: This prevents theft, reduces the instances of return of items, and reduces production expenses. If you are an e-commerce company, with ACH, you can accept checks online. Watch your revenues expand.

Accept Phone & Mail Checks: Unlimited virtual terminals for the safe processing of payments.

Process in bulk: Easily process loads of transactions at one time.

Recurring transactions: You can accept recurring fees on high risk echeck processing accounts. This feature is perfect for regularly delivered memberships, packages, or goods.

Store your data in the cloud: With electronic check payment systems, you can quickly monitor all transfers on any device. Its robust documentation process makes management simplified.

Electronic checks are generally a terminology used to describe a deposit that is directly debited from a bank account. The customer prefers to pay with an electronic check at checkout and offers bank routing & account numbers instead of card data.

Echecks are Americans' most common alternative form of payment. Millions of US shoppers frequently pay for electronic checks for products & services.

Although the controls are generic, not all electronic monitoring transfers are processed in the same manner. Just when an organization informs you that it offers the handling of electronic checks does not mean that the program can perform well for high-risk retailers.

Things to remember

High-risk merchants have different criteria than other merchants. Many high-risk merchants are unable to apply for ACH accounts because they are unable to sustain the low ratios needed by the ACH network for charges & returns. Additionally, ACH processors do not consider any high risk industries. Be vigilant when shopping for the production of high risk echecks.

Many processors actually print out "substitute" checks that clear into your company bank account. For high-risk traders, this hardly fits well. Substitute checks are not accepted by many banks. "Return to Maker" products, pushing the return ratios up.

Banks flag corporation accounts for chargebacks and dividends. High-risk merchants report that the account is shut down anytime a business bank has chargebacks and returns flowing through an account.

Benefits of high-risk echeck payment processing

Here are some of the perks that you get by choosing electronic checks for business transactions.

The inclusion of checks as a payment option boosts revenue by up to 30%.

About 95% of US households have bank accounts and can use electronic checks to pay you.

Reduce the abandonment of shopping carts.

Greater versatility than any other payment method for refunds & chargebacks.

Get rid of payment-delaying techniques.

The High Risk Merchants Echeck Process

High-risk echeck imaging technology uses bank-to-bank image transfer technology. The completely automatic processing of electronic checks streamlines corporate processes. And it gives you more versatility than any other payment system, as far as chargebacks and returns are concerned.

All high-risk processing of the echeck passes into the electronic check portal. The processor is responsible for the chargebacks & returns. Cleared funds are settled with an ACH credit to your business bank account via the echeck payment processor, close to how funds are settled for card processing.

At-risk retailers with high chargebacks & returns prefer this method of processing electronic checks because it reduces much of the uncertainty over chargebacks & returns. If you wish to know some more about high-risk electronic check payment processing, feel free to hit us with a comment below.

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Everything You Wanted To Know About High-Risk Echeck Payment Processing

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The concept of electronic check payment processing has proved beneficial for businesses that are unable to receive ACH accounts due to chargebacks, refunds, or other reasons. ACH helps you to open high-risk echeck processing accounts. If you switch to an electronic merchant system , it will allow you to pay higher fees & returns than any other form of payment.

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Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

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Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

# data[].attributes.attachment_link.description
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

# data[].attributes.body
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.

# data[].attributes.attachment_link.title
Electronic Check Services - Check Processing, Clearing, and VerificationProcessing Solutions | Premium Payments

# data[].attributes.attachment_link.description
Premium Payments offers check clearing, verification, and eCheck payment processing solutions in the US. Our advanced technology allows businesses to receive eChecks from customers swiftly and safely.