Just want the facts?

Here is a brief overview of the types of Electronic Check Processing, their differences and why ours can make you more money.

With the iSmartCheck™ processing system the eCheck processing is cleared the same day or the next day depending on the time period of the transaction. iSmartCheck™ does not utilize the ACH network. Our items are processed entirely in a Check 21 environment where the files are electronically created from the customer check data. This process enables iSmartCheck® to debit every US checking account, even accounts that ACH is unable to debit.

Check Processing vs ACH Processing

Automated Clearing House (ACH) - Visa, MasterCard, Amex and Debit

Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions, which are originated in batches. Rules and regulations governing the ACH network are established by NACHA-The Electronic Payments Association (formerly the National Automated Clearing House Association) and the Federal Reserve (Fed). In 2002, this network processed an estimated 8.05 billion ACH transactions with a total value of $21.7 trillion. 

Customers cannot automatically reverse a check like they can with credit cards or ACH e-checks.  If a customer has been defrauded, they go to their bank, get a fraud affidavit, sign that the transaction was fraudulent in front of a notary under penalty of felony perjury punishable by up 10 years imprisonment.  The notary has to sign and affix their seal.  The affidavit can then be returned to their bank and then forwarded to the merchant’s bank where the merchant’s bank decides whether or not to refund the money.  This is an “unauthorized return” because the check was unauthorized by the account owner, and is very rare with our solution.  With ACH, a customer simply calls their bank to reverse the charge under NACHA rules.

eCheck Processing - Virtual Online Checks

eCheck processing is the process of capturing an image of the customer's authorized check, sends it to the US Federal Reserve to verify it with all US bank accounts. Upon approval, money is instantly taken out of the customers account and the product is provided to the customer.