By Rhett Pardon
LOS ANGELES — Mobius Payments is now offering enhanced ACH services by supporting Check Guarantee and Check 21 services, the domestic and international processor said today.
ACH, or Automated Clearing House, is governed by the rules set forth by the National Automated Clearing House Association (NACHA), and the ACH Network acts as a clearing house for approximately 98 percent of the banks and credit unions in the U.S.
The flexibility and ease of use for merchants makes ACH ideal for not only direct deposit of such items as payroll and tax returns, but it also works well for monthly membership fees, mortgages and utility bills, business-to-business payments, E-checks, E-commerce and Internet retail payments, according to Mobius Payments CEO Mia Hyun.
In a nutshell, ACH payments are an option for virtually any business or commercial entity that receives payments, she said.
“ACH is a method that allows you to electronically collect payments from your customers for single or recurring payments by directly debiting your customer’s checking or saving accounts,” Hyun said.
“The most common uses you may be readily familiar with would include having your mortgage payment or utility bills automatically paid monthly from your checking account, and direct deposit of payroll.
“Anytime someone accepts a check, there is the same concern — will it clear? We now offer Check Guarantee and Check 21 services so this should no longer be a concern,” she said.
Check Guarantee offers the protection of covering the amount of the transaction, should the checking account be found to have non-sufficient funds, is closed, or any other situation that would otherwise prevent you from successfully completing the transaction, Hyun said. Check 21 allows you to do a real time check for availability of funds, which would essentially lessen the need for Check Guarantee.
Accepting ACH payments provides your customers with an alternative to credit cards and checks while providing faster payment to you than accepting checks, she said.
For more information, Hyun said, talk to your Mobius Payments representative to discover what ACH option is best for your business model.