In addition to its automated and electronic check transaction processing, CheckAlt allows merchants to send invoices and review payment reports at the click of a mouse, making CheckAlt a premier payment solution in the business to business online transaction processing arena.
With CheckAlt, customers pay directly from their bank account into the merchant’s bank account. This eliminates waiting for checks in the mail, trips to the bank, paying credit card or wire transfer fees, while ensuring that funds are available to the merchant in two banking days.
CheckAlt was built on processing, coupled with risk management features to help mitigate losses associated with accepting automated clearing house (ACH) transaction payments. CheckAlt’s risk management procedures are specifically designed for each client, utilizing the client’s unique risk foot-print.
Jeff Korbin, executive vice president of Direct Fed Payment Solutions, said: “Automated Clearing House (ACH) transaction volume is growing rapidly. In the third quarter of 2009 alone, there were 1.6bn ACH web transactions, representing a 20% increase from the previous year.
“We realized the enormous need for simple, fast and cheap solutions for businesses using ACH and developed CheckAlt to fulfill this need. CheckAlt’s risk management procedures minimize our clients risk exposure, without impeding their profitability.”
