iCheckGateway.com News Updates

iCheckGateway.com is one of the 28 supporters for the RDC Summit that will take place September 29-30 in Orlando, Florida.  The RDC Summit is the only meeting of its kind that will promote discussion about the trends, issues, and innovation in the Remote Deposit Capture and Payments industry, according to the event website. 

Remote deposit capture eliminates the need to physically deliver paper copies of checks to the bank.  RDC provides the ability to digitally deposit a check into a bank account by scanning a digital image of a check into a computer and transmitting the image to the bank.  This process became legal in 2004 when the Check 21 Act was passed. 

Remote Deposit Capture is no longer used only by financial institutions.  With the growing number of outside organizations incorporating RDC into their businesses, this year’s conference is expected to be the largest yet. 

The RDC Summit 2010 is the third conference that has been hosted by RemoteDepositCapture.com.  The conference will feature sessions geared toward RDC and Payments professionals from banks, credit unions, government agencies, businesses, ISOs, and third-party service providers.  The event is also a prime opportunity for any organization that accepts check payments to explore the benefits of RDC.

Online payment processing is quickly becoming the most popular way to make transactions.  The many benefits of ACH check processing and Check 21 processing make the reasons for its growth evident.  

Speed
ACH stands for “Automated Clearing House Network,” which is simply an electronic network for financial transactions in the United States.  Common types of ACH transactions include direct deposit of payroll, government benefits, automatic bill payment, electronic checks (e-checks), and more.  An ACH transaction typically takes anywhere from two to four business days to process.  The longest part of the process is waiting for confirmation that the funds are actually available. 

Check 21 processing allows all types of paper checks to be scanned and sent electronically, which speeds up the collection process.  Checks that are submitted by 8:00 p.m. are typically settled by the next morning after the images are cleared through the Federal Reserve. 

The speed of online payment processing permits better organization of funds. 

Mistakes Easily Fixed
The life of an employer is made much easier with forms of online payment.  Since each transaction is logged electronically, records are easy to review.  Mistakes in transactions, such as overpayment, can be easily fixed through the system electronically. 

Saves Money
Processing checks electronically helps businesses save money in many different areas.  Fees for electronic check processing are typically lower than those of credit cards or PayPal and there is no need to invest in expensive equipment.  Postage and mileage costs are also eliminated when online payment processing is integrated into your company.  Employees no longer have to take the time to organize paper checks and drive to the bank to deposit checks into the bank account.  In addition, electronic transactions get the first option to claim funds available in the account because ACH transactions are generally posted before paper checks. 

Convenient
With iCheckGateway.com, the collection of ACH, Check 21, or credit card payments is made extremely convenient.  These payments can be collected anywhere, saving both money and resources.  A unique mobile terminal cooperates with mobile devices that have Internet access and also allows instant access to real-time payment data and productivity. 

Secure
Paper checks are susceptible to getting stolen or lost.  iCheckGateway.com takes many precautionary measures to secure sensitive information during online transactions.  A Secure Sockets Layer (SSL) Certificate encrypts information during online transactions.  User accounts and passwords are protected and are never stored on the website or transmitted over the Internet.  Checking account numbers for each transaction are always protected by never being stored on the website in a readable format and they are always transmitted through an SSL encrypted connection.

If processing ACH payments and credit card payments in one solution with unified reporting wasn’t already convenient enough, QuickBooks users can now benefit from seamless integration.  iCheckGateway.com has released a lightweight application that quickly and easily builds itself into the native QuickBooks menu environment.  After the installation program is downloaded and installed one time, “Process Transaction” is made available.  Quickly browse your existing QuickBooks customer database, attach as specific invoice number, and even select which account the transaction should post to!  To receive a payment through ACH Processing, enter the customer’s Routing Number and Account Number.  If Credit Card Processing is the preferred payment method, enter the Credit Card Number and Expiration Date.   Either payment option is conveniently available, processed in real time, and updated in your QuickBooks records without any additional data entry or manual manipulation.

In addition to the seamless convenience with QuickBooks, these transactions follow the same processing path as any other transactions processed with iCheckGateway.com.  Therefore, the payments that came in today through your bill payment website or online store, or that were entered as transactions accepted over the phone in your call center, all appear in the same unified reports for quick and easy reconciliation.

The many payment dimensions of iCheckGateway.com continue to expand for the improved efficiency and enhanced automation of our business customers.  QuickBooks integration is just another value added service brought to you at no additional cost for the continued growth of your bottom line.