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Payments Information


Stay up-to-date with Inside Origination, published twice a year by EPCOR (Electronic Payments Core of Knowledge). This newsletter contains valuable information specific to ACH Originators as well as all business customers. Click the Newsletter button below to read the most recent edition of Inside Origination. To register for your own subscription to this newsletter and other communications by EPCOR, visit epcor.org.


Newsletter


Many companies keep sensitive personal information about customers or employees in their files or on their network. Having a sound security plan in place to collect only what you need, keep it safe, and dispose of it securely can help you meet your legal obligations to protect that sensitive data. Click the Small Business Payments Toolkit button below for security tips and other payments related information.


Small Business Payments Toolkit


ACH Information


Click on the Quick Reference Cards button to access information regarding ACH transactions including Return and Notification of Change Reason Codes.


ACH Quick Reference Cards


New for 2018/2019

  1. Same-Day ACH
    • The Same-Day ACH program is continuing to develop to be faster and more convenient. In March 2018, Same-Day ACH transactions became available in the receiver’s accounts by 5pm local time. Starting in September 2019, Same-Day ACH batches that are initiated by 9:00 AM will be available in the Receiver’s account by 1:30 pm local time for the receiving bank. Looking ahead into 2020, the maximum amount and cut-off time will also change. The option for sending Same Day ACH transactions is available upon request as there are different cut-off times and fees. Please contact us if you are interested.

 

Frequently Asked Questions

  1. Reversals - What do I do if I realize that there is a mistake in a batch I just initiated? How about if I find a mistake on a batch that I initiated before today?
    • Look at the Status of the batch. If it shows as Initiated, you can Un-Initiate the batch and make the changes before initiating the batch again.
    • If the Status shows as Processed or Ready with a recent Processed Date, the transactions have left our system and been sent on to the receiving banks. In this case, there are steps that we can take to attempt to fix the error.
      • Look at the Process Date. You can send a Reversal batch as long as it is done within 5 banking days of the Process Date.
      • Create a batch with the Entry Description as REVERSAL in all caps which is opposite of the incorrect one that was sent. For example, if the incorrect batch was a payroll batch, the reversing batch will have the same amounts but will be all debits instead of all credits.
      • Create/Upload the correct batch and initiate the reversal and corrected batches.
  1. Returns and Re-Entries - You have an entry returned to you, now what?
    • Look at the Return Reason on the notice that you received from us. If it is returned for Insufficient Funds (R01), Stop Payment (R08), Account Closed (R02), No Account/Unable to Locate Account (R03), or Invalid Account Number (R04), you may be able to retry the entry, but with certain stipulations.
      • If the item was returned as Insufficient Funds (R01), you can retry the entry two additional times with no additional information.
      • If the item was returned for any other reason, you will need to collect the correct information from the receiver before you can resend the entry. For example, a new authorization for a Stop Payment (R08) or correct account information for R02, R03, and R04.
    • Create and initiate a new batch for just the items that you need to retry. For debit entries, the Entry Description for the batch will read as RETRY PYMT.
  1. NOC's - What is a Notification of Change (COR) and what do I have to do with it?
    • A Notification of Change is a notice that you receive stating that the entry listed contained information which needs to be changed before the entry is sent again. The receiving bank does post the entry, and often provides the correct information on the notice. You do not have to obtain additional information from the receiver before making the changes.
  1. Limits - Why do I have to have limits and what if I need to go over them?
    • The Rules state that we have to have exposure limits to protect you, as well as, to reduce our risk. When setting the limits, we try to make sure that the limits are high enough that you are able to conduct your business while balancing need to make sure that your money is secure if you are compromised. We do review the limits annually or if we find that you are exceeding the limits on a regular basis. If you find that you do need to exceed the limit, we can raise the limits on a temporary basis without any additional paperwork. When raising the limit permanently, we will have a new form for you to sign.
  1. Reviews - Why do I have to complete this review form that is sent to me?
    • Part of our responsibility as your ACH processor is to insure that you are sending the ACH transactions in compliance with the Rules. We do this by sending a review form for you to complete each year. We do need this completed and returned as quickly as possible.
  1. Security - Why do I keep hearing about security?
      • The Rules state that you have the responsibility of keeping the information used to create ACH entries (Protected Information) safe even if the information is not currently being used. Even further, the Rules specify certain processes that you must do to ensure that the information stays safe. You have the responsibility to have and keep updated policies, procedures and systems which:
        • Protect the confidentiality of the Protected Information until destruction
        • Protect against anticipated threats or hazards to the security of the Protected Information until destruction
        • Protect against unauthorized use of Protected Information that could result in substantial harm to a natural person.
        These policies, procedures, and systems must include controls which make sure that the information is secure during all parts of the ACH process including making sure that any Protected Information sent by email is sent in a secure fashion. Unencrypted email is not considered secure. Click on the EPCOR Security Framework Overview button for more information.

EPCOR Security Framework Overview