DEMAND DRAFT
& ACH PROCESSING |
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Using the Check21.com Virtual Check 21 System enables merchants to create a virtual check (“Print Demand Draft”, “Check 21 Demand Draft”) using their customer’s bank account information. This virtual check is then verified, at the request of the merchant, against Check21.com’s three-tier check verification system. |
FUND VERIFICATION
SERVICES |
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Once verification has been completed Check21.com provides the depository bank with the proper transaction information. The transaction information is sent within an X9.37 Check 21 file direct to the bank. The process is similar to that of the Check21.com Remote Deposit Capture Check 21 System, only does not require a physical check to be presented and scanned
by the merchant. That process is done internally on behalf of the merchant at Check21.com facilities.
This process reduces the amount of returned items, chargeback’s, and allows the merchant to receive his/her funds within the same business day depending on the relationship the merchant has with his/her bank.
Some of the benefits of using the patent pending Check21.com Check 21 System are:
- Same-day funds availability if transaction occurs before 6PM EST at a minimal surcharge.
- Faster notification of returned items (1 business day vs. 7-10 days in paper form).
- Lowers the amount of monthly chargeback’s.
- Direct Merchant-to-Bank transaction submissions. Funds are strictly controlled by the merchant and their participating bank.
- Negative check database and funds verification of transactions both automated and manual.
- Direct-to-Fed Line allows for the acceleration of check clearing.
- Automated method to capture the dollar amount on the check and reduce entry time and errors.
- Eliminates the need to stand in line at your local bank.
- Ability to access and retrieve check data, images, and payment status 24 hours a day 7 days a week.
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