February 3, 2014 (Newswire.com) - MagicPay is very pleased to be able to announce the addition of their new phone and online check processing system. This fast and reliable method for collecting checks is a powerful tool for any business. It vastly decreases the wait time for funds and reduces charge backs and NSF issues as well.
"This new system is both robust and safe," said Rami Levi of MagicPay, "and what's more, it will work with any merchant. This is a huge boom for our higher-risk merchants such as collection agencies."
This new system allows merchants to accept checks over the phone or online and have the funds deposited almost immediately. The speed of this new system is its best advantage because it works directly with the nation's largest banks.
If a merchant is using one of the larger national banks, such as Chase or Bank of America, their electronic check will be deposited the next business day. If the merchant is using a smaller bank, the wait time is only 2 business days.
This system is certainly fit for any merchant. However, MagicPay is particularly proud of this new offering because it allows the company to better serve high-risk merchants. Collection agencies, for example, can now process payments more effectively, affordably and much more rapidly. This is a crucial advantage for them in particular.
"The funding time for our new system is phenomenal when you consider that other check processing systems take up to five days or more to process," continued Levi, "and this is great news for those merchants who need a fast turnaround and want to eliminate the issues commonly associated with credit card charge backs."
The new MagicPay phone and online check processing system is very user friendly and can be customized to the individual merchant. Additionally, MagicPay offers total support for the system thus ensuring maximum effectiveness. With top-notch security and a very easy online administration system that allows the merchant to check on the payments status and manage recurring payments, MagicPay's merchant service addition is sure to be a vital component to its merchant account clients.
Based on statistics gathered by NACHA, the electronic payments association, ACH payments have been on the increase since the 4th quarter of 2012. With a blended increase of approximately 5% for each quarter for the last year, it's clear that electronic payments are both vital and convenient to merchants and customers alike. These statistics mean that the new phone and check processing service will be more and more vital in the coming years. For details on these stats, please visit:
As one of the first payment processors to offer this service, MagicPay is creating a big change in the merchant services market. It is yet another huge forward leap in the industry that is making MagicPay a leader. There is no doubt that with other innovative and proactive steps that the company has made and continues to make, that MagicPay will only grow as an indispensable component to every merchant that is wise enough to work with them.