Third Party ACH Processors By Quadrapay. Making Echeck Payments Super Easy
So, you’re running a big business, and now you want to accept the payment through ACH, and will also pay to your employees, bill or vendors with ACH credit payments. QuadraPay will help you with this and will connect you with the best service provider.
So, we will start with what ACH payment is? ACH payments are electronic payments made through the Automated Clearing House network, a protected system for clearing electronic payments between banks. Handled by NACHA (earlier the National Automated Clearing House Association), the method is a lot quicker than paper checks, which can never travel faster than the speed of mail.
Now, you know about ACH payments and who handles them. So now, let’s talk about the third party ACH payment processing. And in this, we have three major things.
- Third Party Service Provider
- Third Party Sender
- Third Party Payment Processors
We will discuss them one by one.
Third Party Service Provider
A Third-Party Service Provider is an association that performs any functions on behalf of an Originator, Third-Party Sender, Originating Depository Financial Institution (ODFI), or Receiving Depository Financial Institution (RDFI) similar to the processing of entries, including creation or acting as a Sending or Receiving Point on behalf of a fund related organization.
Third Party Sender
A Third Party Sender is a type of Third-Party Service Provider that behaves as a mediator in Transmitting Entries between an Originator and an ODFI, including through Direct Access, and acts in the absence of an Originator or another Third-Party Sender. A Third-Party Sender must have an Origination Agreement with the ODFI of the Entry. A Third-Party Sender is never the Originator for Entries it transmits for the interest of another Organization. Still, a Third-Party Sender of Entries may also be an Originator of different Entries in its very own right. Third-Parties in the ACH system is currently being analysed because of the additional risk they pose to the ACH Network. The NACHA Operating Rules require Third-Party Senders to conduct an annual ACH audit based on the appropriate sections of Appendix Eight.
Third Party Payment Processors
Third Party Payment Processors are bank customers that give payment-processing administrations to merchants and different business bodies. Generally, processors contracted basically with retailers that had physical areas to process the retailers’ transactions. These merchants transactions essentially included credit card payments but also capped automated clearing house (ACH) transactions, remotely created checks (RCC), and debit and prepaid cards exchanges. With the extension of the Internet, retail borders have been eliminated. Processors now provider administrations to a variety of merchant accounts, including traditional retail and Internet-based foundations, prepaid travel, telemarketers, and Internet gaming enterprises.
Third Party Provides payment processing services to merchants and other businesses. These payment transaction types include credit card, debit and prepaid card, ACH, and remotely created checks transactions. What? Don’t know about final ACH audit? As a Third-Party Sender have you conducted your required annual ACH audit? QuadraPay offers advisory services to keep you in compliance by conducting annual ACH Audit and ACH Risk Review services and to document potential strengthening of risk practices, policies and procedures.
QuadraPay: Your New Friend For ACH Payments
You must be thinking about how your new friend “QuadraPay” will help you with this? It’s very simple; you need to fill the required and send it to us. Our well-trained will look to your application and analyse the risks associated with your business and based on your requirements, will provide you with the best possible processing service. We may require some documents to give the best results. Based on our understanding, you should attach the business plan with the papers, this will surely help you in getting the ACH merchant account.
QuadraPay frequently receives inquiries from different members Third-Party Processors and Third-Party Senders asking contact information for financial institutions that might be open to having them as a customer.
So, now you’re a well-known person of all the related terms to Third Party ACH Processors, and how QuadraPay will help you. Our team will be happy to evaluate your website and connect you with a reliable processor. To get more information about Third Party ACH Processors, please feel free to reach us on [email protected].