Electronic Check Conversion with Guarantee
Checks remain to be a popular method of payment at the point of sale. The merchant’s solution for these paper checks is Electronic Check conversion With Guarantee.
How It Works – Procedure at Point of Sale
- Merchant swipes check through reader and inputs drivers license number and amount of sale.
- If transaction is approved a duplicate receipt will print and consumer will complete / sign.
- Check stamped “ACH Processed” and check handed back to consumer.
- Merchant is funded in 48 hours (consumer still experiences “float”).
- Merchant not charged back for returned items (as long as procedures were followed).
Why does this appeal to merchants? The merchant remains “whole” if consumer’s check is bad – the Merchant will not have to prove they followed guidelines to get funded. In addition, a higher percentage of consumer’s checks are approved at the point of sale (99%) and no discount fee is charged to the merchant if a check is declined.
Merchant Benefits
- Free customer service and technical support
- Increase sales by accepting checks
- Eliminate bad checks
- Faster availability of funds
- Eliminate NSF and deposit fees from local banks
- No more sorting and depositing paper checks
- No paper claims for bad checks
- Detailed online reporting available