This eliminates a major barrier for acquirers and ISOs by simplifying the option to add ACH and Remote Deposit Capture (RDC) for new or existing card merchants. The automated approval process makes the process paperless and automatic. After clicking the button to submit their online application to the bank, an approved merchant will instantly get a welcome email with their access credentials and simple instructions to securely activate their account.
When a merchant registers online for bank payment solutions the information they provide is validated. If they score in accordance with the automated acceptance criteria (set by the bank operating as the (ODFI)-Originating Depository Financial Institution) they are approved and on-boarded. Merchants that score below the automated acceptance criteria set by the bank will be prompted to provide additional information, still in paperless form.
The Bank Centric Payments platform improves the merchant onboarding process because unlike a paper application, the online registration process conducts real time applicant verifications. Merchants register online via risk management enabled forms that confirm the approval criteria to streamline onboarding.
linked2pay, the platform provider of Bank Centric Payments, provides services to deliver ACH, credit card and check payments automation. The company offers payment processing solutions for clients, banks, and channel partners.
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