ACH Overview: The Fundamentals of Virtual Checking

VCheck Express transactions are settled completely electronically utilizing the Federal Reserve’s Automated Clearing House (ACH) network. By drafting virtual checks for payment, customers initiate electronic fund transfers drawn from their existing US bank accounts. There are no physical checks to deposit or forms generated. Instead, funds are collected and transferred electronically to the accepting merchants’ bank accounts.

VCheck Express can be seamlessly integrated into merchant website storefronts, allowing virtual checks to be listed alongside existing payment methods. To draft a virtual check, customers simply indicate the amount requested for payment, and enter their checking account information from the bottom of a paper check. Upon completion, the request is securely transmitted in real-time to a VCheck Express operation center for verification and processing. All transaction requests are checked against a several risk management services designed to minimize invalid checks and consumer fraud. Within seconds of initiating the request, the verification process is completed, and an authentication response is promptly returned to the merchant. Successful transactions are then forwarded electronically to the Federal Reserve’s Automated Clearing House (ACH) network for settlement. Cleared funds are then electronically deposited into the merchant’s bank account within a few days.

VCheck Express Process Diagram  Click Here

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