ACH & Bank/Giro Transfer Collection

ACH Payments:

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.

ACH Collections:

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 online credit card processing, cheque processing, cheque issuing and bank / giro transfer collection. It is this continual advancement and improvement of services that has established Lancore as a leading payment service provider.

If you would like further information on our ACH services please contact us. 

Money Transfer Services

• Bank transfers are credited directly allowing a much faster payment process.  The money is available almost instantaneously meaning that there is no waiting for cheques to be sent and then to clear.
• The merchants’ account is debited quickly, allowing more efficient account reconciliation and cash flow 
• Less manual processing work is involved.  Again this means that the whole transaction is conducted fast, it also means that there is less scope for any human error that could occur when dealing with a large number of cheques.
• Bank transfers offer a more secure payment service.  By transferring the money directly between two bank accounts there is no point where the payment could be intercepted.  For example cheques can potentially be stolen and are at times misplaced, or lost in the mail.