Check 21 Processing. Simple And Fast Settlement.
Do you also want fast check settlement for your business? Well, Quadrapay has one of the best solutions for you. We assist businesses with Check 21 Processing. It helps the merchant to get the funds within 24 hours or the next business day. The process is fast, reliable and helps to reduce chargeback and check returns.
Background Of Check21 And Its Processing
The Check 21 payment solution comes under the Check 21 Act. The law allows the beneficiary or receiver to generate the digital copy of the paper check for fast settlement. A physical check generally takes 3-5 days to settle in a merchant account. Whereas, digital checks settle on the same day or next business day. The process of rendering the check to an image is known as Check Truncation.
Working Methodology Behind Check 21?
- The recipient of the check scans and renders it into digital format.
- The digital copy is then sent to the check 21 processing system for further clearance.
- Once the check is successfully verified, it then gets approved.
- Payer account gets debited and funds get settled into the merchant account.
Why Business Use Check 21 Payment Solution:
- Businesses should opt for the solution because its processing time is less.
- Merchants can receive the payments within the same day or in some cases, next business days.
- The solution helps to focus more on productivity rather than check settlement.
- Check 21 is not subject to the NACHA (National Automated Clearing House Association) rules & regulations.
- Clearing Time: Same-day or next business day fund availability.
- Transaction Cost: Cost per transaction is lower than credit cards.
- It is supported by Credit Union Accounts and most U.S. Bank Accounts.
- With Check 21, a purchaser can raise a dispute within 40 days.
- Reduce Check Returns, processing fees and chargeback.
- Sorting of the check is done electronically.
So how check21 and ACH processing are different.
Merchants should understand the contrast between ACH and Check 21. It helps them to figure out the type of payment solution their business requires. Let’s discuss some of them.
- ACH clears in 3-5 days, whereas Check 21 clears within the same day or next working day.
- ACH is subjected to NACHA rules and the Federal Reserve. Whereas Check 21 is governed by the Check 21 Act and Federal and State Check Law.
- In ACH, a consumer can dispute a transaction over a call and in Check 21 consumer can claim orally.
- With ACH, a customer has 60 days to raise a dispute whereas, With Check 21, a purchaser has 40 days.
Apply Check 21 Today With Quadrapay
After reading the article, you can now compare your business needs and opt for Check 21. We at Quadrapay will help the business to get the Check 21 Processing Solution. We work with many processors. You need to fill out the pre-approval form on our site. One of the experts gets in touch with you to assist for further processing.
If you have any query, reach us at [email protected].
Happy Processing !!!