Check Services

Electronic Checks
Electronic Check is an Internet EData Financial Systems payment service that allows online and traditional merchants to accept and process electronic check payments either directly from their Web site's storefront or through the Virtual Terminal.

There is universal agreement within the payment processing industry that the way checks are processed will be fundamentally altered by the Check Clearing for the 21st Century Act, commonly referred to as Check21, which became effective on October 28, 2004. Not unlike MICR encoding of checks over 40 years ago, the Check 21 legislation will engender changes we have barely begun to witness.
With the enactment of Check21 legislation in the US in 2004, check processing has entered a new era of technological advances. Financial institutions can now convert checks into an electronic image early in the presentment cycle and reduce or even eliminate paper handling. Check21 can be used to save processing costs in transportation, labor, infrastructure and other areas.
eDATA has created an image-based payment processing solution to allow institutions to take full advantage of the post Check21 world. Our solution is unlike many others, for it is a completely end-to-end paperless solution.

EXTENSIVE RANGE OF SOLUTIONS
eDATA’s revolutionary new payment solution combines the latest advances in technology with the regulatory advances promised by Check21. We offer a complete range of solutions that deliver effectively the benefits promised by Check21.

ACH and eChecks:

Electronic Check makes it easy for online businesses to add an electronic check payment option to their Web site. Customers who wish to pay for a purchase with an electronic check can simply select the electronic check option and enter the requested bank account information. Electronic Check encrypts the data using the same SSL 3.0 encryption technology as Weblink and transmits it to the secure server for posting. Transactions are automatically settled each day. Then, the system debits the consumer's account via the Automated Clearing House (ACH)* and transfers the funds to the merchant's account. If the account numbers are entered incorrectly or the account has insufficient funds, the Electronic Check system notifies the merchant.

Traditional merchants without commerce-enabled Web sites can also use Electronic Check to handle periodic billings. Businesses such as health clubs, tanning salons, subscription services, ISPs, membership companies, and health care practitioners are typical examples of businesses that need the ability to periodically deduct funds from their customers' checking accounts. Of course, customer approval is always recommended, and merchants must sign a separate Electronic Check ACH agreement to perform these types of transactions.

There are several advantages to using the eDATA Check 21 Service. Its patent pending technology enables merchants to directly communicate electronically with their supported banks. This in-turn allows merchants to take advantage of the following benefits:

·Same day funds availability if transaction occurs before 8PM EST at a minimal surcharge.
·Faster notification of returned items (1 business day vs. 7-10 days in paper form).
·Lowers the amount of monthly chargeback’s.
·Direct Merchant-to-Bank transaction submissions. Funds are strictly controlled by the merchant and their participating bank.
·Negative check database and funds verification of transactions.
·Direct to Fed Line allows for the acceleration of check clearing.
·Automated method to capture the dollar amount on the check and reduce entry time and errors.
·Eliminates the need to stand in line at your local bank.
·Ability to access and retrieve check data, images, and payment status 24 hours a day 7 days a week.

eDATA PayGuard Payments Systems

eData Financial Systems has an 18-year history of developing and supporting software development application for Bank Card merchant services, billing and collection IT systems. Over the years, we have created a variety of custom electronic financial forms printing systems for small, medium, and large companies across the globe. Today we are focused on automated payment, Credit Card Gateway services and secure document processing. Our new Check services will provide solutions for check print and mail, ACH file creation, online presentment of ACH and Check 21 Electronic and Draft Direct Deposit. Our production facilities have been designed and secured specifically for Credit Cards and check printing. We provide our customers with automated confirmation of file receipt, online job tracking and status reporting; online data and image archive; and the ability to build their own custom reports.

Complete Solution for Printing, Job Tracking, Reporting and Delivery

Text Box: Our volume of transactions has grown at an average of over 35% per year over the last 3 years. Customers trust EDATA BillGuard Payments to deliver a variety of documents, including statements, EOBS, EOPs, and A/P payments, among others. We have provided these solutions since 2008, and today have meny customers using our Outsourcing Solution.

Through our Web-based application, you have a secure view into EDATA BillGuard Payments and our BillPay Service to manage and monitor jobs from start to finish. Using this intuitive application, customers transfer payment files to EDATA BillGuard Payments , review records prior to production, release jobs, check job status, choose delivery options and view reports on all completed jobs.

You can create your own reports and check registers to verify correct processing of Payments;

With EDATA BillGuard Payments , you can have immediate access to:

· Multiple high-volume page per minute MICR and non-MICR printing systems
· High-speed folding/stuffing equipment
· Dedicated T1 Internet connections
· Standard check stocks include 11 security features with 5-family chemical protection
· Pressure seal forms and stock for checks, advices, POs, and invoices
· Postal services, including CASS and PAVE
· USPS FastForward option to change addresses for those payees that have moved.
· Rapid 1-6 page insertions in a #10 envelope
· Flat inserters that can handle up to 50 pages into a 9 x 12 MICR printer
· Document image archiving available
· Stringent quality assurance procedures ensure accurate, high quality packages
· Complete disaster recovery and emergency management plan
· Fulfillment services, including document pulls, overflow packaging, overnight packaging, pre-sorting, and drop shipments

** The Automated Clearing House is the electronic network, which transfers and clears funds between banking institutions on behalf of merchants and their customers. Each transaction takes approximately 48 hours to clear, and we strongly suggest that merchants wait five days from the initial transaction date before shipping any goods. This leaves two days to debit the consumer's account, two days to deposit the funds into the merchant's account, and one day for the bank to post the transaction. Because of this unavoidable delay, merchants who sell soft or digital goods that are normally downloaded immediately upon completion of the sale should not use Electronic Check.

Understanding Check 21

The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law (public Law 108-100) enacted into law October 28, 2003 by the 108th Congress. It took effect one year later, on October 28, 2004. The law allows the recipient of a paper check to create a digital version, thereby eliminating the need for further handling of the physical document. It paves the way for the industry to save billions of dollars and increase the speed in which checks are processed.

Consumers are most likely to see the effects of this act when they notice that certain checks are no longer being returned to them with their monthly statement even though other checks are still being returned. Another side effect of the law is that it is now legal for businesses to use a computer scanner to capture images of checks and deposit them electronically, a process known as remote deposit.