Panama taking a leap up in Payment Processing for International (USA) transactions, now strong on echeck21 processing.

in Press Releases

LIGHTNING RELEASES 12/30/14 — Two years ago, Panama had very little knowledge on how Check21 transactions were processed.  Now they are slowly becoming a leader in processing eCheck21 transactions for many corporations with USA based customers.  Companies from Cosmetics, manufacturing and even services are now processing their receivables by using direct debit.  This introduction was spear headed by Paysoft International, Inc., a Miami based Corporation with offices in Puerto Rico and deposit centers in Montreal and Panama.

The advantage of using eCheck21 than other payment mechanism is that the Fed Reserve Window prioritizes these debit transactions.  In fact transactions coming from the USA into Panama, are processed in 2 business days and clearance within 4 business days due to the need of presenting the instruments to a Sponsoring bank in New York.

Businesses now have an option to credit card transaction fees.  Some now pay upwards of 9.0%.  As Mr. Eri Guzman, president of Paysoft International, Inc. informs:   ‘The Panama banks of course need reserve allowances and their ‘Get To Know Your Client’ is taken very seriously’.  So businesses truly need to have their house in order”.

Paysoft International, Inc. is awaiting new legislation in Panama that can permit processing automatic debits for domestic transactions as well as the International ones.  Paysoft International, Inc. provides these Merchants with several ways in processing their debits:  by a Virtual Terminal, FTP batch processing or by using an API for web based processing.  Items are then scanned and imaged and sent directly to their Panama Bank Account.  Paysoft projects over $250 million in transactions by 2016 in Panama echeck21 processing.

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