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Whatever your business goal, Vectra Bank® has an accounts receivable financing solution to improve your collections process, including the options below.
What is ACH Origination? Automated Clearing House (ACH) Origination[cite::78::cite] lets you initiate electronic transactions through the NACHA network and collect ACH payments from your customers’ accounts to deposit in to your own.
Whether you need help getting started with ACH origination or other business financial services, Vectra Bank is here to help. To speak to a banker to enroll in a new service, call 800–341–8156 or complete the form at the bottom of the page. For help with an existing service, contact our Customer Support at 800-232-8948.
Want to learn more about ACH disbursements? Visit the Disbursements page.
Scan and electronically deposit checks online using a basic PC with Internet connectivity and a certified scanner available from Superior Press.
Get more information on how scanning and depositing checks online with Remote Deposit Capture can help your business. To speak to a banker to enroll in a new service, call 800–341–8156 or complete the form at the bottom of the page. For help with an existing service, contact our Customer Support at 800-232-8948.
Learn more about other Treasury Management solutions with Treasury Internet Banking from Vectra Bank.
Merchant services helps you accept payments conveniently, while gaining access to customer insights and additional services.
Get a Merchant Services account with First Data Merchant Services LLC[cite::86::cite] that can help increase sales by accepting Visa®, Mastercard®, Discover®, American Express®, Diners Club® and JCB cards. In addition, merchants can benefit from the business management tools designed to streamline operations and/or grow the business.
To help us determine how best to accommodate your merchant services needs, we just need to know a little more about your business.
Clover offers solutions to help increase sales and manage your business as well as drive repeat business. So, whether you need to accept payments in-person or on the go, Clover has a solution for you.
Vectra Bank’s Image Lockbox Service is designed to reduce all aspects of collection float and accelerate your company’s remittance procedures and accounts receivable processing. Traditional paper remittance packages are no longer needed — you can now work in a paperless environment enabling your company to view check and remittance document images on the same day that your checks are deposited. The service provides your company with electronic images of all the checks, envelopes, and other remittance documents processed for you in our lockbox operations.
EMV (short for “EuroPay, MasterCard®, and Visa®”)[cite::134::cite], is a credit and debit card security system.
EMV utilizes a microchip embedded in the credit or debit card to enhance security. The chip generates unique data for each new transaction, allowing the ability to verify card authenticity. This combined with a PIN or signature, provides greater security and reduces fraud risk.
EMV has been widely used in Europe for several years, and the U.S. Card Associations are now taking steps toward making EMV the standard card payment type. This switch to EMV will require financial institutions, payment networks, card issuers, payment processors, and businesses to make substantial changes.
Some businesses may need to upgrade their point–of–sale equipment to newer equipment that supports EMV technology. Merchants who do not support EMV acceptance by specific deadlines will start bearing financial liability for certain kinds of counterfeit card transactions that are presently borne by card issuers.
Please note, you will be notified of any actions needed for the EMV transition. The new liability rules take effect on:
Vectra Bank wants to help prepare your business for this transition, and we will provide more information on the EMV transition in the coming months. As always, if you have any questions, please contact your Banker, Treasury Management Officer, or Merchant Services Operations at 800–341–8156 or firstname.lastname@example.org, Monday through Friday, 7:30 am to 5:30 pm MT.
EMV is an acronym that stands for Europay, MasterCard® and Visa®. They are the founding companies for chip card technology. EMV is a payment application that resides in a computer chip embedded in a credit or debit card. The application specifications were developed by Europay, MasterCard®, and Visa® in order to help fight fraud. The specifications define a set of requirements that ensure compatibility between payment chip cards and card terminals.
The term “EMV” and “chip card” are interchangeable.
EMV has been widely used in Europe for many years, and the U.S. card issuers are now taking steps to make EMV the standard payment application for enhanced card security. The adoption of EMV will require financial institutions, payment networks, card issuers, payment processors, and businesses to make substantial changes to card issuing, transaction authorization and related processes as well as point–of–sale and/or ATM equipment.
The move to chip cards is intended to reduce fraud in the card payment system and to increase international acceptance of cards issued by U.S. issuers.
While magnetic stripe technology can usually be used in countries where EMV is prominent, some merchants now require the customer to use a chip card.
During a payment transaction, the chip performs cryptographic processing by assigning a unique code to each transaction. This helps prevent the transaction data from being fraudulently reused. Chip processing takes place only when the card is used at an EMV terminal.
An EMV terminal is a point–of–sale (POS) device or ATM that is able to process chip transactions. Instead of swiping your card, you insert it in an EMV terminal and leave it in the terminal until the transaction is complete. If a merchant does not have an EMV terminal, transactions will be processed by swiping the card’s magnetic stripe, just as they are processed today.
Make sure you remove your card from the POS terminal before leaving the merchant’s premises! This is a common challenge people face when getting used to using a chip card.
EMV cards are in use throughout Europe and in most of the Middle East, Asia, Canada, Mexico, Brazil, Chile, and Africa.
We will be issuing chip cards in phases. We expect to issue chip cards to commercial card customers in the first quarter of 2015 and to consumers and small businesses in the fourth quarter of 2015. Please note that these are anticipated issue dates and are subject to change.
Once chip cards are available, you will be issued a chip card when your card expires. If you would like to request a chip card before your expiration date, please call the number on the back of your card.
At this time we do not plan to charge customers for a chip card. If you request expedited replacement of your current card, we may charge a fee for faster delivery.
Yes, subject to our fraud monitoring and ATM limits, you may continue to use your magnetic stripe card outside the U.S. Please notify us in advance of traveling abroad to better ensure your legitimate foreign transactions are not declined. Magnetic stripe–only cards are still accepted outside the U.S. though some “unattended” kiosks (parking meters, gas station pumps) may take only chip cards. For foreign travel, we recommend that you consider having another method of payment available just in case.
We take card security seriously and have sophisticated services in place to help detect fraudulent transactions:
These services will remain available for use with your chip card. EMV will simply provide an additional layer of security.
No. Currently, we do not plan to issue contactless chip cards. Chip cards will need to be inserted in to an EMV terminal.
If you have a contactless card, that feature will end when your card is replaced by a chip card.
Yes. You will be required to sign for credit card purchases. You will insert your credit card in the EMV terminal, wait for the transaction to process, remove your card and then sign for your purchase.
For debit cards, you have the choice of signing or using your PIN if the merchant’s terminal supports PIN entry.
For credit cards, your existing PIN can be used for ATM-based transactions only. For debit cards, you can continue to use your regular PIN at EMV–enabled merchant terminals that support PIN entry.
Yes. At ATMs that are not EMV–enabled, the transaction will be processed through the magnetic stripe technology in combination with your existing ATM PIN. At ATMs equipped with EMV chip readers, the transaction will be processed using the chip technology in combination with your existing ATM PIN.
No. Your card account number, credit limit (if applicable) and all your card’s benefits remain the same.
An all-in-one solution[cite::247::cite] to automate and integrate e-invoicing and payment acceptance.
Learn more about online invoice banking and how e-invoicing can help streamline your business. To speak to a banker to enroll in a new service, call 800–341–8156 or complete the form at the bottom of the page. For help with an existing service, contact our Customer Support at 800-232-8948.