Listen to this articleVeriCheck (VCI) has been an innovator in ACH Payments for more than 30 years and continues to transform the payments industry. Below is our recent interview with Jon Lakatos, Director of Growth at VeriCheck (VCI):
Q: Jon, can you tell us something more about your new proprietary platform?
A: The company is working on a brand new proprietary platform that will launch Q2 of 2020. Excited to announce this will be able to accommodate large volume enterprise data management while integrating the financial tools that small to medium sized businesses need to thrive, and that ISOs and ISVs need to better provide for their clients. This omni-channel payments processing platform will allow businesses to accept all forms of payments in one easy platform and benefit from most customizable technology in the industry. To round it out, VCI has a US-based team that you can actually be reach just by picking up the phone – thus giving our clients that boutique hometown business relationship nationwide.
VCI is more than a tech company. Even more than a fintech company. It’s a human company that prioritizes its relationships first – which is why they have a 97% partner retention rate!
Q: Can you give us insights into your products?
A: VCI offers clients and partners a fully customizable ACH payment platform able to handle SMB to enterprise. Through investments in innovation, new partnerships and a new parent company, the recent years have been dedicated to broadening its offerings to offer a more holistic approach to accepting payments, improving cashflow, invoicing clients, mitigating risk, all while maintaining the humanity in a tech company.
In addition to the omni-channel integrated payments platform, VCI provides fraud management services to clients, and various codes and integrations to help developers incorporate payments acceptance tools into websites or apps with the ability to expedite in real time.
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Q: What exactly is ACH? What are the advantages of processing with ACH?
A: The ACH Network is the center of commerce in the U.S., moving money and information between accounts through direct deposit and direct payment. Today, 70% of non-cash payments originate from a bank account (that’s debit, ACH and checks). The benefit seen in ACH, however, is that It eliminates the uncertainties, added fees and lag time when working with other payment options. Every year, 24 billion electronic financial transactions are used to move over $41 trillion via ACH. This makes the ACH Network among the safest, largest and most reliable payment systems in the world.
Q: Which industries do you serve? Who is your ideal client and why?
A: Every business needs to accept payments. And to that extent, we can and do work with businesses of all sizes. However, our focus in on businesses that need to offer recurring billing solutions to their clients, companies that need to securely process higher transaction values and those with a national footprint that need to tightly manage their cashflow.
We focus our expertise in the following types of industries:
· Lumber and construction
· Automotive and dealerships
· Educational institutions
· Fitness studios and gyms
· Healthcare
· Insurance
· Manufacturing
· Municipalities and government entities
· Parking facilities
· Pension funds
· Professional services
· Property management
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Q: What are the company’s plans and goals for the future?
A: VCI is constantly innovating and seeking new opportunities to expand our offerings to clients. Currently, we’re building out our unique product and tool offerings through new partnerships and investments in new technology with the goal of being a comprehensive source for all financial needs, from commercial banking to credit card processes, ACH payments and even lead generation tools. This year will be a big year for VCI as we make these transformative shifts for our clients and our business, and scale our team to support them. Our goal is to accomplish this while still providing the same “hometown relationship” feeling our clients currently enjoy.
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