Payment Processing Solutions
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A compact countertop POS with the guts to go big
You don't just go to work every day. You get after it - wherever work takes you. But there's one thing you need every day: a way to take payments when you're not sitting still.
So whether you're running around your store or tend to take matter into the field, Clover Go Contactless Reader is your go-to POS for secure credit card swipes, dips and taps like Apple Pay®, RSamsung Pay®u, and Google Pay®. It also offer many of the same industrial strength payment capabilities and the security as our larger Clover devices. Just provide your own smartphone or tablet and a free hand.
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What is the ACH Network?
The ACH Network moves money from one entity to another electronically.
The process is governed by NACHA, The National Automated Clearing House Association (nacha.org) , operating rules and business processes.
The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system which provide for the interbank clearing of electronic payments for participating depository financial institutions.
The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries.
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Types of ACH Transactions
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Direct Deposit of payroll, Social Security and other government benefits, and tax refunds.
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Direct Payment of consumer bills such as loans, utility bills and insurance premiums
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Business-to-business payments
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Electronic Checks (E-Checks)
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E-Commerce Payments
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Federal, State, and Local Tax Payments
If you're getting your paycheck directly deposited into your bank account, you're already using the ACH network. You can leverage this system for your business so that you never need to go to the bank again-you can process checks electronically from your computer.
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More on How it Works...
Electronic check processing is simply the process of taking a paper check and submitting it for payment electronically instead of taking it to the bank.
Your bank may offer you this capability if you purchase a check scanner from them. The scanner takes an image of the check and submits that image to the bank electronically. The bank then processes that check just as if you had handed over the physical check itself.
An easier way to process checks electronically is to use a software program or a web-based payment processing service, this is where Lucrative Merchants can be of service. When using a web-based system or ASP, you don't need to install any software or buy any hardware. You simply key in check information and submit the transaction.
It is important to feel comfortable with the switch to new technology, especially when there is money involved. Our representatives are here to support you in the transition to a more productive, efficient, and lucrative solution.
How to Implement Electronic Check Processing in Your Business
Implementing electronic check processing involves choosing a processor and changing your businesses processes to conform to rules for electronic check processing:
1. Notify: You must notify your customers that their paper checks will be processed electronically. You can do this in writing on your invoices, or by posting a sign at your place of business.
2. Collect and Convert: The paper check is converted to a one-time ACH-based electronic payment, with the customer's bank routing number and account number captured. You then make a copy of the check for your file, stamp the original check "VOID" and discard it.
3. Process: An ACH file for the check is created and presented to your bank-this is typically done by the payment processing company; the payments are processed through the ACH network, the customer's account is debited, and your account is credited. The payment is documented on a customer's bank statement with the check number, amount, and the billing company name