Payment Service Provider Lancore Expand to Provide ACH Services
The international payment service provider Lancore Merchant Services today launched their new ACH Payments & Collections service.
This new service offered by Lancore provides Merchants with an efficient, secure and cost effective solution for originating ACH transactions.
Lancore’s ACH Payments facility allows Merchants the ability to make multiple electronic payments. The information required to make such payments are the usual details that are needed to initiate any electronic payment e.g. payee name and bank details. The payment information for multiple transactions can be gathered within a particular format which is then uploaded into the back office system. Some of the advantages to Lancore’s ACH Payment facility against traditional electronic payment forms include the time saved in having to input each payee’s bank details as well as the cost being significantly cheaper.
The ACH Collections function enables Merchants to initiate funds drawn out of their client’s accounts, this service is typically used for repeating payments. For this facility it is the following information that is needed; Payor name, Payor bank account type, Payor bank account number, Payor bank routing number and whether the account is personal or business. Once the relevant payment details have been uploaded into the back office system a request is sent to the payor’s bank requesting for the funds to be transferred, the payor’s bank will then approve or decline the request accordingly. The settlement time for ACH Collections is 48 hours.
The key features and benefits of this new service include:
1) The module offers multilayered security to protect your data and transactions
2) Transactions can be processed throughout the day
3) Costs less than traditional electronic payments and cheques
4) Offers a secure gateway through which to process ACH transactions
The ACH Payments and Collections service adds another dimension to the list of Lancore’s current payment services, which include cheque processing, cheque issuing and bank / giro transfer collection. It’s this continual advancement and improvement that has established Lancore as a leading payment service provider.
With regards to Lancore’s cheque processing service we can reveal that the company have recently reduced their rates and offer a new 48 hour payout service. These changes establish Lancore as one of the most competitive options within this field of the payment services market.
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