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Official Payments Unveils New Product Offering

Thursday 1 July 2004 14:39 CET | News

Official Payments has launched a new electronic check payment option. Official Payments offers a wide variety of electronic payment alternatives including electronic checks, Internet and telephone-based credit and debit card payment processing services.

Electronic check capability allows anyone with a U.S. bank account to make electronic payments from anywhere in the world, at any time, through the Internet. The system moves funds securely through the Automated Clearing House (ACH), the same safe, electronic system used by the nations financial institutions for processing paper checks. To the user, electronic checks provide the satisfaction of knowing that the payment was securely received by the right organization, at the right time, without the time spent writing and mailing paper checks, and the potential for delays and misrouted mail. For the institution receiving payment, accepting electronic checks means a reduction in the administrative handling of paper checks, leading to streamlined remittance and account reconciliation, and the potential for associated administrative cost savings.


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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech