Electronic checks

 

POS Electronic Check Conversion with Imaging

 

Check acceptance can become an integral component of operating your retail business. It can however expose retailers to high costs and the risk of fraud. With electronic check conversion, you can process paper checks electronically. It's faster, more secure and costs significantly less than processing paper checks the traditional way.

 

The Process

 

Electronic Check Conversion converts a paper-based check to an electronic transaction at the point-of-sale. The check information is then transmitted via electronic equipment to a national verification database where it is cross-referenced against negative information. Within seconds a response is sent back to the merchant. A receipt very similar to a credit card transaction is generated and the customer signs it, thereby authorizing the electronic collection of funds to the merchant. The check information is then stored and the transaction deposits are routed to the merchant's account within 48 to 72 hours.

 

Merchant Benefits

 

Convenience is important to everyone, not to mention our merchants. Electronic Check Conversion gives the merchant convenience with a guarantee. This check conversion process not only processes the check electronically allowing the merchant to forego trips to the bank, but it also guarantees the approved transactions. With this program, the merchant simply accepts the checks and the check conversion program does the rest! The merchant can now accept & process checks just like they accept & process credit cards.

 

Additional Options

 

This program offers more than electronic check conversion. Online transaction viewing and customized detailed reporting are also offered. With the reporting feature, merchants are able to track all of their transactions through a secured on-line system that is available 24 x 7. The reporting capabilities of this system also allow the merchant customizable reporting features, thus enabling detailed information presented in the format the merchant prefers. This program takes all of the guesswork out of accepting checks and manages the process for the merchant.

 

Recurring Debit

 

Launch offers an-easy-to use, Web-based interface for entering checks, as well as a comprehensive array of processing and reporting options to meet the needs of both small and large service-based businesses. The merchant has complete control over the timing and frequency of payment by the customer.

 

The Process

 

Recurring debit differs from POS-based conversion in that a paper check is not available at the point-of-sale for every debit the customer authorizes. The check information and authorization are obtained from the customer at the time of sale. The transaction is then entered using a Web interface. The transaction is transmitted via the Internet to a database. The check information is then stored and the transaction deposits are routed to the merchant's account within 5 business days. When the next payment anniversary date arrives, the transaction is automatically processed again.

 

Merchant Benefits

 

This check conversion process allows the merchant to accept checks and process periodic debits without the check actually being present. The merchant simply records the check data, obtains the EFT authorization and enters the check data -- the check conversion process does the rest! The merchant can now accept & process periodic debits, without having to worry about who pays what and when.

 

Additional Options

 

This program offers the same electronic check conversion, 24x7 on-line transaction viewing and customized detailed reporting as our Electronic Check Conversion program. Additionally, the merchant has complete control over the frequency and timing of the payment, which includes the representment timing. More sophisticated merchants will want to take advantage of the advanced reporting capabilities of this system, which allows custom reporting delivery methods to automate the entire data collection process. This program minimizes the labor involved in accepting checks and streamlines management of the recurring debit process for the merchant.