UseMyServices, Western Clearing join forces to lower ACH returns

Thursday 6 March 2014 09:41 CET | News

US-based ACH processor Western Clearing and Canada-based payments technology provider UseMyServices have teamed up to launch a service for ecommerce merchants that accept ACH or echecks.

ACHreturnsRX is a technology that aims to decrease NSF rates of ACH, echeck and Check 21 transactions by allowing the customer to validate their bank account balance at the time of the online transaction or purchase, via a log-in process through the RX platform.

ACH transactions are more widespread in the ecommerce space due to the low transaction cost compared to the high cost of processing credit card payments. However, the competitive price can be offset by the high rate of returns due to non-sufficient funds when the transaction hits the customer’s bank account.

According to a Western Clearing representative, via the RX, the merchant will be aware that the customer performs a payment via a bank account with insufficient funds to cover the purchase amount, and can also offer the customer other payment options, or cancel the transaction.

The project will continue in beta phase for another 60 days, with a full market launch by May 1, 2014.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: UseMyServices, Western Clearing, ACH returns, payments technology, ecommerce merchants, ACH, e]checks
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce