It’s important to select the correct Online ACH solution and e-Check solution for your high-risk business. Selecting the wrong solution leads to having your banking relationship terminated, going out of business, and possibly into bankruptcy? However, we at Moneck have the ideal ACH solution for high-risk merchants such as yourself. Our solution uses it’s own private bank & clearing house account to clear all ACH check payments on our end so you don’t risk having your bank account closed nor underwritten.
Why is Moneck Payment Solutions’ High-Risk ACH solution better than other ACH solutions?
Allow us to explain. Banks consider certain merchants that deposit checks a High Risk, either due to a percentage of bounced checks, number of chargebacks, or products being sold (e.g. Peptides, Kratom, Nootropics, etc). When a Bank deems a merchant a High-Risk then the merchant will likely come under scrutiny by their bank. Once a merchant comes under scrutiny by their bank they risk having their banking relationship terminated.
Reasons Banks will terminate banking relationships with high-risk merchants that deposit their own ACH or checks or use certain ACH services:
When a high-risk merchant deposit checks into their bank account they are using their own bank to clear the check (i.e. act as the clearing house). The same process occurs when a merchant signs up to use many of the available online ACH services. When checks start to bounce, have non-sufficient funds, or chargeback then that reflects poorly on the merchant’s business. Negative attention is then drawn upon the high-risk merchant.
The bank will likely then re-evaluate and underwrite the banking relationship between themselves and the merchant. During the re-evaluation & underwriting process, the bank will start to probe deeper into the type of business, services, and products being offered by the merchant. It is not uncommon for the bank to then terminate the bank account with the merchant due to:
- Risk of hurting their Brand Image or Reputation in doing business with a particular high-risk merchant and the services and products being provided to the consumer.
- The chargebacks are too high and at an unacceptable level.
- The bounced checks and NSF’s (non-sufficient funds) are too high and at an unacceptable level.
Once a high-risk merchant gets their bank account terminated they risk going out of business. It also becomes very difficult to get a new bank to agree to open up a bank account with them. The conversation becomes uncomfortable for the merchant when the bank asks if they ever had a banking relationship terminated.
Read more and Learn how to choose the right ACH Solutions!
Other online ACH Services:
Many of the available online ACH services available to high-risk merchants are nothing more than software providers. They might offer attractive terms but the risk of doing business with them comes at a very high risk. They typically create a digital image of a check taken by the merchant either through a shopping cart or a virtual terminal. The digitally created imaged check is then expressed mailed to the merchant’s bank for deposit. Some of these services claim that they scrub each check but in all honesty, since they are not a clearing house, they are not allowed to hold any bad checks they discover and therefore are required to mail even the bad checks for deposit into the merchant’s bank for deposit.
Since these ACH services are basically just mailing checks to a merchant’s bank it puts the merchant at risk to being terminated by their respective bank. These ACH services are not true ACH services because they are not using their own clearing house to process the check. All of the liability falls upon the merchant. The merchant is typically overpaying for a service that just mails digitally created checks for them to their bank and also imposes 100% of the liability and repercussions onto the merchant.
By the time the merchant realizes the error they made in doing business with that online ACH check provider it’s too late. Their bank account was re-evaluated and terminated. They risk going out of business and experience hassle and grief in trying to open up a new bank account.
Moneck’s Online ACH Solutions and Services at MONECK:
Our online ACH solution and services use it’s own private bank & clearing house account to clear all ACH check payments on behalf of the high-risk merchant so they don’t risk having their bank account closed nor underwritten. Our solution protects the high-risk merchant by assuming all of the risk and repercussions due to bounced checks, NSF, and chargebacks. Our ACH solution is a true ACH solution that deposits cash into your bank account from checks we cleared through our own bank clearing house. Your bank is never made aware of any bounced checks, NSF, or chargebacks, and as a result, you don’t draw upon yourself any unnecessary scrutiny by your bank.
Moneck’s ACH Check solution also Scrubs all ACH Check transactions!
- Verifies whether the Customer Bank Account # is Invalid.
- Scrubs Customer against a Bad Check Writer Database.
- Checks for a Positive Balance in each Customer’s bank account.
Please contact us if you are looking for a true real online ACH solution for your high-risk processing needs (e.g. Kratom, Peptides, Nootropics, etc..) Below is a quick recap of our online ACH solution.
- Our solution assume’s all the risk of returned & bounced checks and clear’s all check payments on our end.
- You avoid being underwritten by your own bank for processing check payments through this solution.
- Enjoy receiving just a straight deposit of your money for all cleared ACH check payment transactions.