Main Menu
Technology & Internet
• Website Development Credit Card Equipment
• Verifone Other Merchant Services
• Cash Advance Human Resources
News
Questions?
Opening a new account
+1 800 210 8805Toll Free:   
|
CHECK SERVICE SOLUTIONS FOR EVERY TYPE OF BUSINESS “Enables Merchants to accept & process checks similar to a credit card transaction!” Procedure at the Point of Sale 1. Merchant will swipe check through a check reader and input driver’s license # and amount of sale. 2. If transaction is approved a duplicate receipt will print and consumer completes receipt. 3. The check is stamped “ACH Processed” and check along with the receipt are handed back to the consumer. 4. Check Processing Company will fund merchant on transaction in 48-72 hours – similar to a credit card. (Consumer still experiences a 2 day float) 5. Merchant will not be charged back for any returned checks. (As long as proper procedures were followed) Merchant Responsibilities 1. Electronic Check Service Agreement (blue application) –fax in application OK, original in house within 7 days) 2. Copy of Voided check 3. Terminal needs to be programmed 4. See equipment compatibility page list of certified terminals(Imager recommended) 5. Check Processing Company will send merchant a welcome kit to include: ACH Stamp, Decals, and Terminal Instruction Guide. UNACCEPTABLE BUSINESSES - Credit Counseling - Criminal & Bankruptcy Attorney - Rent-to-Own - Pawn Shops (unless they have a gun license) - Used Auto Sales who offer In-House financing - Loan or Finance Companies Collection Agencies - Check Cashing Businesses / Cash Back Accounts - Adult Bookstores - Bail Bondsmen - Investment Opportunities - Lotteries, Raffles, and Gambling Establishments (Bingo is acceptable) - unlicensed Massage Parlors - Sexual Encounter firms E-Gold Program
Merchant Benefits • Increase sales by accepting all types of checks including out of state checks • Eliminate bad checks • Faster availability of funds • Eliminate NSF and deposit fees from local bank • Eliminate the sorting and depositing of paper checks • Process is simple to use because it mirrors a credit card transaction • No paper claims file for bad checks • Detailed online reporting available FAQ Q. What are the advantages of a merchant using a check imager and is it required? Check Processing Company does not require an imager for the program but it is highly recommended for the following reasons: • Check Processing Company will be able to offer a higher check limit for merchant. • Dramatically decreases the number of times Check Processing Company will have to call merchant to request a copy of signed receipt. • If merchant neglects to follow any guidelines, Check Processing Company will be in a better position to collect check by using the image. Q. What is the merchant’s check limit? • ISO is to state on merchant application the highest check limit merchant will require and 90% of the time, the Check Processing Company will be able to accommodate merchant’s request. • Check Processing Company will issue the check limit when merchant is approved and will be posted on the Merchant Approval Form. Q. Does the terminal verify that the checking account is open or that there is money in the account? No. The terminal is checking against a national negative database of bad check writers. Q. Are business checks acceptable? Yes. Most business checks are now acceptable for guarantee and conversion. The terminal will determine eligibility of the check. Q. Is the check writer debited immediately? No. Check Writer will still experience about a 2 day “float” before funds are withdrawn. (about the same as if the check was deposited manually at the merchant’s bank) Q. What happens if a bad check is written? • The Check Processing Company funds the merchant with their own money, before they know if the check has cleared. • The Check Processing Company will call the merchant and ask for a copy of the signed receipt. (see right) If the merchant is using a check imager, they will simply use the data on the check image, without having to call the merchant. Merchant is still required to obtain required info and keep the receipt on file. • If the check does not clear, The Check Processing Company is responsible for collecting from the check writer (As long as merchant follows requirements.) Q. What is required on the receipt?
SELLING THE eGOLD PROGRAM “Selling check conversion is simple, but a starting point is always helpful.” Market Focus Everyone!
Questions to Create a Merchant’s Interest… • “Are you taking checks the old way or the new way?” • “How would you like to accept and process checks just like your credit cards? You swipe the check and give it back to the consumer and you are funded electronically in a few days – guaranteed!” • “Have you seen the new Electronic Check Conversion systems?” • “How would you like to have your customers checks electronically deposited so you didn’t have to go to the bank?” • “Wouldn’t you like to lower your banking fees?” • “You can now accept and process checks with the same security as a credit card for a lower cost!” • “You can now accept checks and get paid electronically without worrying about bad checks!” Advantages Over the Competition • A higher percentage of checks are approved • Free Customer Service & Tech Support • Free online reporting of activity • Patent protection • All services are in house and not outsourced to other companies • Programs are NACHA (National Automated Clearing House Association) compliant • Compatible with almost all terminals and readers Prospective & Marketing Ideas • Your existing bankcard base • Obtain a new business list from county, state, or local government offices • Specialize in one or two industry types and become the expert • Notice businesses that have signs posted “No Checks” or “No out of town Checks” (Tourist towns) • Utilize fax broadcasting by obtaining fax list software • Contact Associations and have them endorse your check program to their members. • Telemarketing • Direct Mail Pieces • Cold Calling QUICK SERVICE PROGRAM... “Special program on the eGold service for merchants that meet Quick Service Program guidelines” Targeted Merchants Designed for merchants that have a low average ticket And fast checkout time Acceptable Merchant types • Convenience Stores • Quick Service Restaurants (fast food, etc.) • Gas Stations Guidelines • Merchant not required to input Driver’s License into terminal • Maximum check limit is $50 • Average check must be $25 or under • ISO must write “QSP” on top of blue application • No discount percentage rate (per transaction fee only)
|
