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  1. #1

    Need a bank for e-check processing for moving broker

    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

  2. #2
    Senior Member Reputation points: 68177
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    Quote Originally Posted by PC2201 View Post
    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,
    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.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  3. #3
    Senior Member Reputation points: 68177
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    Quote Originally Posted by PC2201 View Post
    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
    This article may provide you better clarification for check processing.
    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.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  4. #4
    Senior Member Reputation points: 163823 ryan $'s Avatar
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    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.

  5. #5
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    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
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

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