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Friday, January 19, 2018

Payment Acceptance & Processing

ACSI’s payment acceptance and processing services are
handled in secure, separately controlled environments that are
accessible only by authorized personnel.

Payment processing is a sensitive activity and performed by ACSI’s highly trained Payment Processing and Trust Accounting Departments only. Both of these departments operate within a structured organization model that requires close scrutiny and multiple checks and balances to ensure accuracy, integrity, and quality. All ACSI personnel who handle confidential payment and client financial data work in secure, separately controlled environments that are accessible only by authorized personnel. ACSI’s payment processing services include:

  • Receipt and Posting - ACSI seeks payment via electronic transactions first; as such, most of the payments we receive are generated through auto-debit, credit card, and money transfers via providers such as Western Union. Consumers have the option of submitting ACH and credit/debit card payments online directly through ACSI’s secure, encrypted online payment website, our soon to be implemented, client-customized Avatar site, or through Recovery Agents who will take their information and enter it into our collection system. The credit/debit card payments are then processed by ACSI’s Trust Accounting Department using a secure PCI-compliant ePay vendor. The ACH payments are created in house via the bank-required National Automated Clearing House Association (NACHA) program and uploaded directly to our bank Trust Account. Check payments received via the mail or other means are reviewed against consumers’ account information to verify the correct consumer account, to identify restrictive endorsements, and to match payment amounts against promise-to-pay payment arrangements before posting. Direct payments erroneously sent to ACSI for clients posting their own payments are forwarded to ACSI’s trust accounting group to process and forward to clients.
  • Non-sufficient Funds/Denied Credit Cards - Payments that are denied or returned due to non-sufficient funds (NSFs) in consumers’ bank accounts or credit cards are automatically placed in Recovery Agents’ follow-up work queues by ACSI’s collection system and scheduled for work the same day or the following day, depending on when an NSF/credit card denial is received by ACSI. Recovery Agents contact consumers with NSFs/credit card denials to find out when they will have the funds available for ACSI to resubmit the payments to those consumers’ financial institutions for reprocessing.
  • Remittance and Reconciliation - All funds are deposited in an FDIC-insured financial institution by ACSI’s trust accounting personnel on a daily basis. ACSI remits payments to our clients on a daily, weekly, and monthly basis via EFT or check depending on client remittance preferences. ACSI’s trust accounting personnel reconcile batch payments entered by the payment processing personnel prior to depositing and remitting funds to clients. All remittances are accompanied by a remittance statement or, in the case of electronic payment, available online. ACSI’s trust accounting personnel reconcile remittance statements sent to clients with clients’ records.