PenChecks Payment Processing Service (formerly Check Only)
Tired of the time and expense involved in researching government regulations to get your payment processing right? PenChecks’ Payment Processing Service provides a fast, affordable solution for getting your retirement plan payments out in a timely, efficient manner. Ideal for lump-sum or rollover distributions, our service relieves you of the burden of keeping up to date on all state tax regulations, IRS rules for 1099Rs, and other withholding requirements.
Fast, Easy Payment Processing Solutions
As the premier payment processing company, PenChecks provides a seamless, fully compliant process for getting your distribution payments right the first time. As part of this process, we:
- Provide email confirmation upon receipt of plan assets.
- Execute lump sum or rollover distributions via check, wire, ACH, or prepaid debit card, based on your payment processing distribution requirements.
- Withhold all mandatory or voluntary federal and state taxes, and remit them to the appropriate authority in a timely manner.
- File all necessary federal and state tax forms, such as 1099R, 945 and 1096. Copies of the 1099R forms are available upon request.
- Monitor and resolve all returned or uncashed plan disbursements, including performing address searches as needed to obtain current participant contact information.
With PenChecks, payment processing becomes a breeze. You’ll enjoy free 24/7 access to PenChecks’ online distribution software. This valuable service improves administrative efficiency by allowing you to review a history of all your plan payments, monitor distribution status, generate reports, edit distributions or make additional distribution requests – all with just a few clicks of the mouse!
Sign Up for PenChecks’ Payment Processing Service Today!
- Click here to establish your online processing account. There is no fee to register, and it only takes a few minutes to complete.
- Forward plan assets for distribution to PenChecks Distribution Trust. Click here for detailed check and wiring instructions.
- Enter payment processing distribution requests online. Requests can be made one at a time or via bulk upload.
For further assistance, call our Client Service Center at (800) 541-3938.