High Risk Industries
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Check 21 is a federal law enacted into law in October, 2003. The law enables banks to process checks electronically, which makes check processing faster and more efficient for the bank. Previously, banks had to physically transport original paper checks from the bank where the checks are deposited to the bank that pays them. It was an inefficient and costly process.
Check 21 allows financial institutions to substitute the original paper check with an image of the item. This greatly reduces the time it takes for the check to clear or be returned unpaid.
By utilizing this platform through Aramor Payments it allows you, the merchant, to accept and process online or MOTO check payments through your site or virtual terminal. It expands merchant processing options and provides an alternate solution to credit card processing. Electronic checks account for up to 25% of internet payment transactions and 74% of all business to business transactions are made by check.
Call us at 1-888-811-4625 or send us a message to discuss Check 21 electronic processing options for your business.