Check 21 Payment Processing
Benefits of Check 21:
Check 21 transactions are governed by check laws and the Uniform Commercial Code rather than ACH rules and regulations set by the ACH governing body, NACHA. If your business exceeds the ACH ratios for returns and revokes, Check 21 is a good option for you.
Flexibility. ACH rules require revoked transactions (chargebacks) to remain below 0.5% and returns under 15%. Check 21 does not have this limitation, giving you greater flexibility on both revokes and returns.
Wider Coverage. Both ACH & Check 21 transactions are accepted by large US banks. Check 21 expands your coverage to include transactions from credit unions, savings & loans, small banks, brokerages, and checks drawn on credit card accounts
Enhanced Descriptors. Check 21 allows more characters to be used on the descriptor than ACH transactions. Details of a Check 21 transaction appear on consumers’ bank statements in the same place as a paper check transactions. This helps consumers to easily remember the transaction, decreasing risk of revokes.
Faster Clearing. Check 21 transactions clear faster than ACH. Transactions from major financial institutions can clear the same or next business day. Compared to times for ACH of 3-5 business days.
Check 21 RCC / RCPO/ ICL Payment Processing
RCC / RCPO / ICL are some of the names used to describe the same method of processing transactions using fully automated file transfers along with cash letters.
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