Payment Systems
Introducing ARC
In the ever changing world of paper conversion, WesCorp is continuing its pursuit of providing you with increased efficiencies and maintaining lowest possible operating expenses.
Introducing the latest enhancement to our existing Lockbox Services: an ARC component for processing payments.
Accounts Receivable Conversion (ARC) is a process where retail lockbox paper checks are converted into ACH items for clearing electronically through the ACH system. You can achieve significant efficiency gains and cost savings through ARC conversion including reduced clearing times and processing fees, along with fewer returned items.
How does this affect you?
If you have consumer loan payments mailed to a central office for manual processing, then you are losing critical time on your funds availability. What's more, the manual processes consuming your staff could be better spent on member-centric enhancements and support. By leveraging WesCorp's technology to process your consumer loan payments through ARC, you can take advantage of the efficiencies and cost savings in an economical climate where every measure taken towards profitability is a big win.
Sign up today, and soon, with ARC conversion, you will see even more increased efficiencies with reduced returns and lower operating expenses.
If you are already a lockbox participant, then all you have to do is let us know that you want to be an ARC participant. We will get the process going for you so that you are ready to begin when the beta process is complete. Call WesCorp at (800) 442-4366, ext. 6453.
Internet Gambling Enforcement Act Update
WesCorp would like to remind our members of a recent Code of Federal Regulations change to implement the Unlawful Internet Gambling Enforcement Act of 2006. The regulations require U.S. financial institutions participating in designated payment systems to establish and implement policies and procedures reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling. Additionally, it was suggested that financial institutions notify all of their commercial customers that such restricted transactions are prohibited.
For complete details, visit Unlawful Internet Gambling Act - Final Rule.