Table of Contents
NMI offers an in-house E-Check service for merchants to process checks for customers. ACH Processing is a great option for a wide variety of US merchants. Visa and Mastercard are everywhere, but many merchants have not yet adopted ACH payments as part of their business. The benefits include lower fees than credit cards and an opportunity to reach more customers. ACH Processing will enable you to accept a check by web or phone, set up recurring payment plans, issue payments for direct deposit of payroll or expense checks, and convert paper checks into electronic checks.
Adding Electronic Check Service
Log in at the Affiliate Partner control panel and go to 'Processing Services'. Under 'Electronic Check' click on the Add + button and choose 'Electronic Check'.
This will send the merchant an application and will assign an application ID to the account.
*If the merchant has already filled out an application, they can disregard the new one sent.
Merchants should complete the Merchant Application and Agreement. Additionally, the merchant application contains a checklist of additional financial material that we need to screen the application. The supplemental materials list is not set in stone but rather depends on the particular merchant. Some of the factors in underwriting include:
- How new or established is the business?
- What type of business is it?
- How is the credit of the business owner?
- Is the business suitably capitalized?
- What type of transactions, and how do they authorize?
- What is the monthly dollar amount that they wish to process?
- What is the typical transaction size they wish to process?
All merchants should provide:
- Copy of signer’s driver’s license or other forms of government-issued ID.
- Voided check from the account where they would like their deposits.
- Articles of incorporation or registration. A business license could substitute.
- Some kind of marketing material, or an operational website where we can validate and understand what the business does.
- Completed application.
We will process all applications internally within 24 hours. Following this, we need to wait for approval from our banks, which could be instant or could take up to 3-4 business days. However, if an application is incomplete, this will delay the process.
*Note that we will never charge a merchant until the application is approved and the account is set up, so you do not need to worry about being charged for a declined application.
Q: Where does the application get sent once it has been filled out?
A: Application documents can be sent to firstname.lastname@example.org or faxed to (847) 890 6561.
Q: Will all my merchants be accepted?
A: Underwriting must review the merchant's documents to determine if they will be approved.
Q: What is the typical funding time for my merchant?
A: Typical funding time is 3-4 business days. The merchant can choose to increase or decrease funding (after 90 days of processing) time if requested.
Q: Why have I been funded but the gateway does not show the transaction as settled?
A: We are not live-time with the ACH processor. It will take 3-4 business days for us to update a transaction on the gateway. It could delay to longer periods in some cases. If the merchant would like to view live reporting with ACH, they may choose to sign up for Paya's live reporting service. You may send us an email requesting this to be added or the merchant can call (866)-386-0409 to be set up.