The Check Clearing for the 21st century, commonly known as Check 21 processing was introduced as an alternative to deal with the complicated ACH restrictions. Merchant processing services and providing your customers numerous ways to make payments are the backbone of any business. The greater number of payment options you offer to your customers the more sales and profit you will make.
The Check Clearing for 21st century also known as Check 21 allows financial institutions or banks to process check electronically. Coming into effect on 28 October 2004 and designed to enhance the efficiency of overall payment processing systems by fostering innovation within the check processing system. There are numerous benefits of Check 21 which can make your life as an offshore merchant much easier and simpler, especially if you associate with the Internet merchant services. The most beneficial and effective change that Check 21 has brought is the ability to scan paper checks and send images as electronic transactions. This helps in rendering the need to manually deposit paper checks. There are various other benefits too.
Benefits of Check 21 processing
- Cut time, cost and risk involved
- Extend cut-off times for deposits
- Reduce bank charges with electronic processing
- Improves accuracy
- Wider coverage
- Faster clearing
Whether you are a low-risk merchant or a high-risk merchant, the check 21 processing is the best solution for your business. This can change the way you do business. By offering Check 21 payment processing you can attract those customers who are maxed out on their cards or do not have cards, etc. Offering this payment method also keeps you ahead of your competitors who do not offer Check 21 processing.
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