ACH
Many merchants accept electronic payments via the Automated Clearing House (ACH) network. This method creates fresh opportunities for sending and receiving funds; however, these real-time payments come with various risks.
The Problem
NACHA, the governing body of ACH transactions, has made it clear with a ruling in 2021 that anyone that accepts ACH needs to have a verification process in place or potentially be fined or have the ability to accept ACH stripped from their business model.
The Solution
tranzpay.io offers a feature called ACHVerifi, an application programming interface (API) for software applications to respond to these rules set for by NACHA
We offer it as a batch process through secure File Transfer Protocol (FTP) and via a web-based portal for merchants doing singular transactions.
ACHVerifi provides an advanced data scoring system designed to provide you with accurate predictions regarding whether ACH debits, checks, or e-Checks will likely clear without return. Our verification system compiles and analyzes over one billion real-time consumer transactions and then returns one of three ratings: accept, decline, or warning. As a verification-only product, ACHVerifi verifies the transaction and allows you to retain your current banking relationship.
Get Started Today
Sign up for tranzpay's digital payment platform and take advantage of all of the benefits!