eCheck are no more for now

Authorize.net wins, I lose. eChecks are not an efficient way to transmit funds. I thought they were a great idea. ACH transfer you initiate and it lands in my account. No 3% fee to Via/Mastercard. However, the implementation that Authorize.net uses is simply insane. They promptly take money from your account. They hold it for at least 7 (sometimes 90) business days, and then deposit a random amount into my deposit account. There is a “virtual” transaction account that “Settles everything to the penny, to the second” (their words, not mine). The transactions do not map to the customer deposits so it makes our ability to reconcile our deposit account (which we try to do daily to stay ahead of insanity) painful.

I have made written recommendations of a better process, including offering a high percentage for a premium service to Authorize.net. I feel like I am simply a flea relieving my bladder while being impacted by a Freightliner on the highway. But hey, who knows? maybe a multi billion dollar corporation will listen to someone who processes a few thousand dollars a month through their service? Yeah, and I have a nice bridge in Key West to the Bahamas I will sell you cheap.

Sorry that I took eChecks away, I had to keep my book keeper happy.