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I have a client looking for a BANK who will allow e-check processing through seamless and will take on a high risk account.
Risk is mainly Ins funds, wrong acct/rtng#'s and stop payments. Chargebacks are around 10%.
Not looking for cc processing. Strictly ACH. Prefer to deal with someone who has a good relationship with a small to midsized bank
NACHA Regulations would not allow for a 10% CB - Why are they CB's so high and find a methods to eliminate them,Quote:
Originally Posted by PC2201
is a better solution. Even a settlement account will not allow a 10% Return Rate.
Stop Payments are technically the consumer charging the merchant with Fraud, which is a felony.
Your merchant needs some guidance in changing their procedures.
Contact me if you wish to discuss.
BTW - there is a method for your moving broker to collect $$$ without using checks or credit cards.
This article may provide you better clarification for check processing.Quote:
Originally Posted by PC2201
Fin - NACHA’s 2021 rule: what does it mean for your business? (plaid.com)
Your merchant needs to come into NACHA compliance - which will greatly reduce the 10% CB Ratio.
Seamlesschex has their own Validation.
Stop payments shouldn't be happening at such a high rate.
Also if your referring to using Seamless' Auto Deposit feature.... they only work with certain banks, and most likely a small midsize bank isn't on their list. Unless you mean something different when you say "Proccessing Echeck through Seamless" - Because if he was just Printing Checks and doing a Mobile Deposit (Like I do) It wouldn't have to be a bank that works with Seamless.
Regardless of how a check is deposited - Self Print & Deposit or via a ACH Method (possibly using a sweep account) No bank can legally tolerate a 10% Reject Rate,
regardless of the reasons Nacha Operating Rules | Nacha (nachaoperatingrulesonline.org
There are 85 Reasons a check may be returned:
Understanding ACH Return Codes - Actum Processing
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