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What's New in the ACH World (and what's in it for me?)
Dear wayne,
Hello.
The last issue discussed new NACHA guidelines and their potential impact on your business.
This issue explores some of the new services available now and those that will be out in the relatively near future..
Account Verification
The first new tool is account verification. You can now access in real-time a database of of checking and savings accounts and verify:
- Valid account #
- Account is in good standing ($ in the account and no stop payments or pending NSF's)
Currently we have access to over 60% of the US accounts. Your "hit" rate on accounts will be dependent on geography as the major banks all contribute data but second tier banks and credit unions aren't yet contributing.
Click Here to use the members tools site »
What's Coming
This will change in the relatively near future and you can expect 80-90% successful account queries. Clearly this will result inn fewer returns but just as importantly offers you the chance to save the sale by asking for another form of payment.
Cost is per transaction and begins at .30. You pay only for "hits"
Speaking of other forms of payment we have a web based, software or integration tools that allow for credit card and ACH payment acceptance.
The next BIG thing is real-time debiting. This is the Holy Grail for many merchants: a cost effective tool to pull funds immediately from the check writer's account.
The transaction works much the same as a credit card. Once we have ascertained there are sufficient funds in the account a "hold" is placed on these funds and they are transferred to the merchant. NSF's and closed account will be a thing of the past.
This is now being worked on but probably won't be available until Q1 of 2004.
I hope this info was of use to you. We'll be sending the next issue in 2 weeks.
Visit the member site to view the tools and play the golf game-it's fun. Have a profitable week.
Sincerely,
Wayne
Cash Flow Technologies ACH-Payments.com
email: wakey@acheftproviders.com
voice: 518.580.0098 518.581.7662
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