jetCHEX Fulfills Your ACH Credit and ACH Debit Processing Needs.
With the Automated Clearing House — ACH Network —universally accepted by more than 20,000 financial institutions and used by more than 115 million consumers and four million businesses, jetCHEX is on the front line of your electronic payment needs.
jetCHEX is an Automated Clearing House service giving business of all types the tools they need to accept ACH credit , ACH debit and e-check payments automatically. We help businesses including retail, wholesale, telephone order, mail order, Internet and service industry based.
We help these organizations with various types of cash management and direct deposit products. Our software helps business verify and accept e-check payments automatically. Convert checks at the point-of-sale and collect insufficient funds automatically.
Our ATM/debit and credit card payment processing tools allow you to verify—in real-time—whether a customer's account is currently overdrawn, frozen or closed. We have Web-based software tools that give you the option of accepting credit card, electronic check and ATM/debit payments online, in person or on the telephone.
Our tools allow you to direct deposit all funds faster and easier than manual deposits. We can also tailor a payment processing solution for any type of company as well as integrate with your current processing options. jetCHEX is the last ACH network company you will ever need for all your payment processing needs. Get processing now!
- Day 1: Submission Date – originator (merchant) submits transaction to ACH Processor (jetCHEX) via real-time, batch or items that are scheduled to go out. This is the submit date. To be effective the following day all transactions must be received by 4:30 PM PST.
- Day 2: Effective Date – early in the morning the transaction is presented to the RDFI (customers bank), the 48-hour period which the banks have to inform the originator that the item did not pay begins. If the account is closed or is invalid, many banks will be able to send out a rejected item notification to the Federal Reserve on this day.
- Day 3: Deadline for Returns – by the end of this day, all returned items must be sent by the RDFI to the Federal Reserve. Items that rejected in Day 2 are received from the Federal Reserve through the ODFI (ACH Processor's originating bank). ACH Processor compiles this data and reports it back to the originator.
- Day 4: Last Day of Returns – the last of the returned items are received and the originators reporting is updated to reflect that. ACH Processor (jetCHEX) sends a credit to the originator for the items that have cleared.
- Day 5: Funds Available – originator's bank receives the credit from ACH Processor (jetCHEX) and applies it to the originators account. This typically occurs before the bank opens and funds are available immediately that morning.
ACH Credit – A transaction through the ACH network originated to pay a receiver (deposit funds into an account).
ACH Debit – A transaction through the ACH network originated to remove funds from the receiver (withdrawal from account).
ACH Network – The funds transfer system governed by the rules of the National ACH Association which provides for the inter-financial institution clearing of electronic entries for participating financial institutions.
Automated Clearing House – a central clearing facility, operated by a Federal Reserve Bank or a private sector organization on behalf of depository financial institutions in which participating DFIs transmit or receive ACH entries.
Direct Deposit – An ACH service that provides for the electronic transfer of funds directly into the account of a payee, usually an employee receiving pay or a Social Security beneficiary receiving retirement benefits.
ECK (Electronic Check) - A payment transaction which originally started out as a paper check, but which has been completely converted to an ACH transaction at the point of purchase or in the case of a redeposit paper check, reinsertion into the financial system. The original paper item is either returned to the check writer at the point of purchase or retained by the collection agency.
Electronic Funds Transfer – Any transfer of funds initiated through a terminal, telephone, computer or magnetic tape for the purpose of instructing or authorizing a financial institution to debit or credit an account.
National Automated Clearing House Association (NACHA) – The national trade association for the electronic payment associations, which establishes the rules, industry standards, and procedures governing the exchange of commercial ACH payments by depository financial institutions
NACHA Format – The ACH record format specifications described in the NACHA Operating Rules and Guidelines, which are the accepted and warranted payment format standards for payments delivered through the ACH network.