Why iSmartCheck Electronic Check Processing?

1. Faster - eChecks processed on the iSmartCheck™  system are typically accepted in 1 to 3 seconds and clear the same day or overnight* compared to typical Automatic Clearing House system (ACH) time frames of 3 to 5 days.* (*Subject to underwriting and risk level)

2. Higher Conversion Rates – Checks are the most viable alternative to cards enabling conversion of declined card transactions or customers without cards.   

3. Lower Processing Cost and Higher Profit Margin iSmartCheck™ offers its services at a fraction of the cost of credit-card processors, and does not charge any set-up, recurring or account maintenance fees*

*maybe some fees with any high risk merchants

4. Higher Approval Rate - eChecks processed on the iSmartCheck™ system enjoy approval rates averaging over 90%, with many merchants exceeding over 95%.

5. Guaranteed - Full liability coverage is available at a premium for all approved transactions - merchant is reimbursed 100% of the value of returned checks, usually within a few days.  *Some merchants may not qualify.

6. The best alternative to credit cards - Up to 50% of adults either have no credit card or have insufficient available credit on their cards, meaning that as many as 80 Million US adults have no ability to buy online at the many websites that only accept credit cards. By not accepting checks, you are missing a huge opportunity.

7. Secure - No additional fraud screening is required with iSmartCheck™. The system verifies the bank account, checks national negative databases and profiles the transaction using proprietary shopping pattern algorithms and continuously updates this database with check writing histories

8. Ability to debit more accounts  - iSmartCheck™ can debit every US checking account, even accounts that ACH cannot such as many Credit Unions, S&Ls, small banks, brokerage accounts, business accounts and credit card check accounts. 

9. Checks are still number one form of payment - Checks continue to be the number one non-cash payment method in the US with the value of checks processed annually over forty trillion dollars.

10. Less Regulation – iSmartCheck™ is a Check 21 service not ACH, therefore transactions are not subject to the myriad of NACHA rules, regulations, fees and fines imposed upon all other eCheck transactions that are ACH.

11. Lower Chargebacks  - 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.  With ACH a customer simply calls their bank to reverse the charge under NACHA rules.