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.
As your outsourced payment processing center, we:
Save you time and money by having an outsourced partner do the tedious distribution work for you.
Reduce your liability by letting experts take care of all the tax withholding, remittance and filing compliance.
Provide an efficient, cost-effective solution for all plans – whether processing one-off payments or large numbers of distributions.
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.
I feel a huge sense of relief working with PenChecks. They do a great job at efficiently processing a lot of 1099R’s as well as Federal/State withholding payments so we don’t have to worry that it gets done right. PenChecks saves me time and lets me refocus on other projects that add value to our clients in different ways. I would strongly recommend working with PenChecks. more
Susan Troiano, Loan and Withdrawal Supervisor Kravitz, Inc.
PenChecks is friendly, very responsive and knowledgeable. They handle complex situations quickly and expertly and handle thousands of small details so we don’t have to worry… more
Judy Richardson, Vice President & Senior Manager – Pension Services Kidder Benefits Consultants
They were easy to work with, understood our urgency and effectively executed the required procedure. PenChecks did what they said they would do and they delivered for us… more
John Ganahl, CFO Ganahl Lumber
PenChecks is great to work with. They’re fast, responsive, and, most of all, accessible. It’s nice to be able to talk to a person and not a recording. Now, we can do more for our clients and leave the rest to PenChecks… more
Cynthia Bennett, Administrator Hicks Pension Services
PenChecks has given my firm the confidence to compete with much larger institutions because we can now offer a superior and scalable distributions processing platform. They have an excellent client services team and their sales team will go out of their way to support our business… more
Marcus Piquet, Managing Member American ESOP Advisors LLC
PenChecks has been a trusted reliable partner since 2011. They effectively handle benefits distribution processing for each of the 700 plans we manage. They have an excellent client services team, and I can always count on them to do what they say they’re going to do… more
Anna Guilmette, Administrator Cornerstone Group
PenChecks Expert Series Online Seminar:LeaderMetrics Part 1 presented by Don Trone, GFS®play video