iCheckGateway.com Now Proudly Works with Plaid

Together with Plaid, iCheckGateway.com provides frictionless, contactless, and mobile payment options to keep pace with an evolving digital economy. Plaid, a data network powering the fintech tools that millions of people rely on to improve their financial lives, makes it easy for ICG merchants to set up and accept ACH transfers from 11,500 banks and credit unions in the U.S.

Plaid allows for faster, easier set up of bank payments with user experience and security, providing merchants more options for account authentication and instant authorization.

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Introducing Plaid

Many developers and app users know that connecting users’ bank accounts to accept ACH payments can be complicated. That’s where Plaid steps in to simplify the entire process. Once a user links their bank account using their online banking credentials, Plaid retrieves their account and routing numbers. Security is guaranteed since the transfer of account information is encrypted end-to-end. Private-banking credentials are never made accessible, even to iCheckGateway.com.

Plaid simplifies bank-to-bank transfers, allowing ICG to extend that feature to our clientele. Today, tens of millions of people in North America (and counting) have successfully connected their financial institutions to apps they love using Plaid and its quick, easy, and hiccup-free transfer process.

The Plaid relationship enhances the features of our already robust ACH check processing. Plaid provides a few more options for check verification, including:

  • • Verifying authorization throughout the process
  • • Real-time check balances
  • • Identifying the identity of the account holder

Bank Authentication

With Plaid’s ability to instantly authenticate their accounts, users can retrieve account and routing numbers when connecting their checking or savings accounts with their bank credentials. They can connect accounts from any U.S. bank and set up frictionless payments with several ACH processors.

Plaid offers multiple ways to connect, including:

  • • Instant authentication – User enters their credentials and is authenticated immediately. This is the default flow. No extra steps are necessary to enable Instant Auth if you have already integrated Auth into your app.
  • • Instant match – User enters their credentials, account number, and routing number. Plaid matches user input and authenticates immediately.
  • • Automated micro-deposits – User enters their credentials, account number, and routing number. Plaid makes a micro-deposit and automatically verifies the deposit in as little as one to two business days.
  • • Same Day micro-deposits – User enters account and routing numbers. Plaid makes two same-day ACH micro-deposits and the user manually verifies the deposits in as little as one business day.

Between Plaid’s features and the ICG Verify tool, our virtual terminal instantly authenticates accounts. This authentication process reduces the likelihood and potential for returned payments, in addition to Instantly identifying and eliminating potentially fraudulent transactions.

Real-Time Check Balances

One of the great features offered by Plaid is the ability to protect against NSF and overdraft fees with real-time balance checks before initiating a transfer of funds. A user will have the option to enable pre-funding of accounts with insight into balances, ensuring funds are available to be withdrawn for transfers before the transfer happens. Finally, users will have real-time, comprehensive data at their fingertips with the ability to verify account balances live and in real-time at any moment.

Identify the Account Holder

Plaid has an excellent framework for identifying users’ identities to protect them from theft and fraud. The platform verifies identities using bank data by retrieving users’ names, addresses, phone numbers, and email addresses for individual and joint accounts on file with the financial institution. Once their account is linked and verified, users’ personalization features will allow them to auto-fill forms with their identity data.

Speeding up the verification process may reduce customer service inquiries by upwards of 50-60%. This is due to the ability to verify micro-deposits quickly and because of a natural reduction in service calls related to fast-tracking transfers since they’re moving through Plaid’s system much faster.

Integrating with Plaid will improve ACH transfers’ approval rates, as they’ve seen instant approvals increase by as much as 80% with clients. For many customers, that means faster money transfers with much lower fees than previously available.

Innovative Fintech ACH Processing

ICG contributes technology and innovation to provide merchants with options to receive ACH transactions in a fully integrated system. Our customizable online platform for merchants’ customers to pay bills and make purchases is an easy-to-use option for our clients. The iCheckGateway.com payment portal offers a one-of-a-kind experience with a flexible, stand-alone payment page or link to pay via email invoicing and the option to seamlessly integrate our payment portal within any merchants’ current website.

All in all, Plaid allows customers to connect their bank accounts to their financial applications effortlessly and simplifies ACH transfers for merchants to accept payments. This enables financial data to be shared quickly, securely, and safely. Together with Plaid, we will ensure the secure transfer of financial data and protect both consumers and merchants with front-end account authentication. With ICG and Plaid, you’ll have faster, easier, and more secure bank-to-bank transfers.

Contact an expert at ICG to learn more about the benefits of powerful bank-to-bank transfers powered by Plaid.

By ICG Digital
January 20, 2021
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