If you’re not yet among the many merchants taking advantage of the reduced cost and customer convenience of eChecks/direct deposits as a method of payment, you owe it to yourself to take a closer look.
Vantiv has added to its robust eCheck offering with a new validation feature for your Canadian customers. Transaction volume for EFT – Electronic Funds Transfer, the Canadian equivalent of ACH (Automated Clearing House) transfers or direct deposits – is growing at five percent annually1, driven by significant cost savings (no interchange fees) and attractiveness to customer segments that prefer using direct deposits over credit cards.
Unlike card transactions, eCheck doesn’t perform a real-time authorization. Vantiv’s real-time validation feature lets you confirm your customer’s bank routing number by comparing it against Payments Canada’s electronic directory. Vantiv’s U.S. eCheck product already includes this feature.
Additional eCheck features include account number verification and prenotifications to verify a customer’s information prior to billing, automatic update of account information, automatic redeposit of funds, and tokenization of account numbers.
For more information about the validation feature and the benefits of offering eCheck as a payment method, please contact your Vantiv eCommerce merchant or partner relationship manager.