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Converting paper checks to electronic checks is a simple process, using proven technology to make checks faster and easier to process
| For a check payment, the consumer writes a paper check, filling in date, payee, amount, and signature, and hands it to the retailer as payment. The retailer sends the check to his bank, and the bank sends the check through the Federal Reserve System, which acts as a clearinghouse for the transaction that debits the consumer's checking account for the payment amount. The process can take as little as 24 hours or as long as a week to complete. This lag plus the lack of customer data are two of the biggest risks involved in the check payment process. |
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ISOs and Agents can help business owners add value through a variety of electronic check service programs that can efficiently and effectively expedite the process. Merchants will be able to spend more time making sales and less time cashing checks. |
| Merchant Benefits |
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- Improved cash flow & cash management
- Customer convenience
- Faster cash turnaround
- Save money with less fees
- Reduced NSF risk
- Simplifies POS accounting
- No manual deposits
- No returned checks
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Check Conversion &
Check Guarantee |
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Check Verification &
Collection Services |
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- Electronic Check Transfer (ECT) Check Conversion - The ECT program combines the benefits of paper checks with the speed, ease, and safety of electronic processing. The check is converted to a paperless transaction by electronically moving funds from the customer's bank account to the merchant's bank account. Combined with Check Guarantee, this service delivers a streamlined check acceptance process that eliminates returned checks and returned check fees, while reducing paperwork and trips to the bank.
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Check Guarantee - The Check Guarantee program is an easy process at the point of sale. The sales clerk enters the customer's information into the point-of-sale terminal or cash register. In a matter of seconds, after verifying a database containing millions of records of unpaid checks, the sales clerk gets a response indicating whether they should approve or decline the check.
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| ISOs and Agents can offer a low cost check verification and collection program to merchants. A merchant verifies all checks through a national database to see if the check writer has any outstanding checks in the system. If none are found, the system will submit an approval, allowing the merchant to accept the check. During the verification process, all U.S. and Canadian drivers licenses and state-issued identifications are verified to meet established guidelines. |
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| ISOs and Agents can give business owners an affordable alternative for only pennies per transaction. When combining verification with collection services, merchants receive a comprehensive risk management program designed specifically to meet their business needs. |
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In today's fast-paced and competitive environment, businesses are looking for better ways to efficiently and effectively serve their customers - especially when it comes to bill payment options. ISOs and Agents can offer businesses an automated process to collect monthly fees from their customers with the click of a button.
The Recurring Payment program enables merchants to process customer payments by automatically deducting an amount from a checking account or credit card each time a payment is due. The Web-based intuitive interface controls the timing of customer payments, which can be scheduled at any frequency and in any amount, up to a year in advance.
Customers will enjoy the ease and convenience of not having to mail in payments, and merchants will benefit from increased cash flow, improved productivity, and customer retention. |
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