Electronic Check is an Internet BMG Vendors Billing Company payment service that allows online and traditional merchants to accept and process electronic check payments either directly from their Web site’s storefront or through the Virtual Terminal.
With the enactment of Check21 legislation in the US in 2004, check processing has entered a new era of technological advances. Financial institutions can now convert checks into an electronic image early in the presentment cycle and reduce or even eliminate paper handling. Check21 can be used to save processing costs in transportation, labor, infrastructure and other areas.
BMG Vendors Billing Company has created an image-based payment processing solution to allow institutions to take full advantage of the post Check21 world. Our solution is unlike many others, for it is a completely end-to-end paperless solution.
Extensive Range of Solutions
BMG Vendors Billing Company’s revolutionary new payment solution combines the latest advances in technology with the regulatory advances promised by Check21. We offer a complete range of solutions that deliver effectively the benefits promised by Check21.
ACH and eChecks:
Electronic Check makes it easy for online businesses to add an Electronic check payment option to their Web site. Customers who wish to pay for a purchase with an electronic check can simply select the electronic check option and enter the requested bank account information. Electronic Check encrypts the data using the same SSL 3.0 encryption technology as Web link and transmits it to the secure server for posting. Transactions are automatically settled each day. Then, the system debits the consumer’s account via the Automated Clearing House (ACH)* and transfers the funds to the merchant’s account. If the account numbers are entered incorrectly or the account has insufficient funds, the Electronic Check system notifies the merchant.
There are several advantages to using the BMG Vendors Billing Company Check 21 Service. Its patent pending technology enables merchants to directly communicate electronically with their supported banks. This in-turn allows merchants to take advantage of the following benefits:
- Same day funds availability if transaction occurs before 8PM EST at a minimal surcharge.
- Faster notification of returned items (1 business day vs. 7-10 days in paper form).
- Lowers the amount of monthly chargeback’s.
- Direct Merchant-to-Bank transaction submissions. Funds are strictly controlled by the merchant and their participating bank.
- Negative check database and funds verification of transactions.
- Direct to Fed Line allows for the acceleration of check clearing.
- Automated method to capture the dollar amount on the check and reduce entry time and errors.
- Eliminates the need to stand in line at your local bank.
- Ability to access and retrieve check data, images, and payment status 24 hours a day 7 days a week.
BMG Vendors Billing Company PayGuard Payements Systems
BMG Vendors Billing Company has an 18-year history of developing and supporting software development application for Bank Card merchant services, billing and collection IT systems. Over the years, we have created a variety of custom electronic financial forms printing systems for small, medium, and large companies across the globe. Today we are focused on automated payment, Credit Card Gateway services and secure document processing. Our new Check services will provide solutions for check print and mail, ACH file creation, online presentment of ACH and Check 21 Electronic and Draft Direct Deposit. Our production facilities have been designed and secured specifically for Credit Cards and check printing. We provide our customers with automated confirmation of file receipt, online job tracking and status reporting; online data and image archive; and the ability to build their own custom reports.
Complete Solution for Printing, Job Tracking, Reporting and Delivery
Customers trust BMG Vendors Billing Company Bill Guard Payments to deliver a variety of documents, including statements, EOBS, EOPs, and A/P payments, among others. We have provided these solutions since 2008, and today have many customers using our Outsourcing Solution.
Through our Web-based application, you have a secure view into BMG Vendors Billing Company BillGuard Payments and our BillPay Service to manage and monitor jobs from start to finish. Using this intuitive application, customers transfer payment files to BMG Vendors Billing Company BillGuard Payments , review records prior to production, release jobs, check job status, choose delivery options and view reports on all completed jobs.
You can create your own reports and check registers to verify correct processing of Payments; With BMG Vendors Billing Company BillGuard Payments , you can have immediate access to:
- Multiple high-volume page per minute MICR and non-MICR printing systems
- High-speed folding/stuffing equipment
- Dedicated T1 Internet connections
- Standard check stocks include 11 security features with 5-family chemical protection
- Pressure seal forms and stock for checks, advices, POs, and invoices
- Postal services, including CASS and PAVE
- USPS Fast Forward option to change addresses for those payees that have moved.
- Rapid 1-6 page insertions in a #10 envelope
- Flat inserters that can handle up to 50 pages into a 9 x 12 MICR printer
- Document image archiving available
- Stringent quality assurance procedures ensure accurate, high quality packages
- Complete disaster recovery and emergency management plan
- Fulfillment services, including document pulls, overflow packaging, overnight packaging, pre-sorting, and drop shipments