Menexis has plans to offer
FedACH® SameDay Service to our merchants. When the Federal Reserve Bank announced few months ago that they will make this new platform available to banks and payment processors in August 2010, we got excited at the opportunity to participate and offer our merchants faster turnaround time on ACH debits. Up until now, the earliest an ACH transaction settles is the following day or what we refer to as "next-day." Even with Direct Deposits, the earlier it will hit the receiving account is next-day. Now, small businesses of all type can initiate a Same-Day Direct Deposit. This new same-day platform allows for checks debit transaction via the ACH Network to clear within the same day if the transactions are initiated between 2:15 AM and 2:00 PM Eastern Standard Time. If debits are initiated by 2:00 PM EST, the check will clear (settle) from the customer's savings or checking account if merchants meets the time frame outlined above.
If the cutoff time is missed, then the transaction will settle the following day. The same holds true for Returned items.
This new FEDACH SameDay platform works with check conversion payments, WEB debit and Telephone payments.
As far as the fee structures are concerned, please give us a call for detail explanation of the different tier pricing we have to offer as pricing is based on the type of business a merchant runs.
This SameDay ACH service is great for merchants who need efficient, faster and low-cost ways to process payments in batches via the Automated Clearing House. One of the main benefits of SameDay ACH Services is that it totally reduces the risk involved with waiting for funds to clear from customers account because you will know the same day whether the funds have clear and you will know of any returned items on the same day because returned items are accelerated a day sooner than the normal ACH process.
There are many options that the Federal Reserve Financial Services offer on this new platform. If you are currently processing elsewhere and you are looking to switch because your processor don't offer this new platform, we offer a easy and seamless transaction process once your application is approved by our underwriters. Because participation by Originating Depository Financial Institutions and processor is voluntary, we believe that many will not sign on immediately to offer the service because it will perhaps take several years for adaptation and implementation in the various product offering of financial institution and payment processors in the United States. Menexis is one of the first merchant services provider participating with the new Federal Reserve platform. We want to insure that we offer many options to companies looking to setup an ACH merchant account with us.
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