Electronic payment processing services

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Electronic Check Conversion

 

Checks remain the preferred moth of non-cash payments at the Point OF Sale - Approximately 13 billion checks per year.

Studies indicate number of paper checks written is actually growing by an estimated 2% annually.

Consumers Continue To Prefer Paying By Check

WHY?
1) They enjoy the 2-day float.
2) Habit.
3) Record keeping.
4) Have no credit/debit card.

Inconvenient and Costly for Retailer
  • Check fraud and uncollected funds cost retailers more than $5.9 billion annually.
  • Extensive paper handling by employees - touched an average of 6 to 12 times.
  • Bank deposit fees and NSF fees.
  • Delays in funding (especially for out of state checks).

Electronic Solution

With Electronic Check Conversion (ECC), checks are electronically processed and funds are deposited into the bank account.

"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 drivers license  # and the 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 handled back to the consumer.

4.  GETI will fund fund merchant on transaction in 48 hours - just like 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.  The receipt must have check writer's signature, printed name and phone number.

2. Drivers License must be entered into terminal.

3.  Merchant must batch out daily and provide copy of receipt within 48 hours of GETI requesting it.

4.  Check must be from a consumer's PERSONAL checking account.

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.

UNACCEPTABLE BUSINESSES

  • Criminal & Bankruptcy Attorneys
  • Pawn Shop (without gun license)
  • Used Auto Sales (if not combined with new dealership)
  • Unlicensed Massage Parlors
  • Check Cashing & Payroll Advance
  • Credit Counseling
  • Adult Related Businesses
  • Investment Opportunities
  • Jewelry Stores (call for possibilities)
  • Travel Agency

What are the advantages of GETI's program compared to other providers?

  • A higher percentage of consumers checks are approved at the point of sale.
  • If a consumer's check is declined the merchant will not be charged the discount percentage fee on that transaction.
  • 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) complaint.
  • Compatibility with almost all terminals and readers.
  

What are the advantages of a merchant using a check IMAGER electronic check conversion and is it required?

GETI does not require an imager for our program but is highly recommended for the following reasons.

  • GETI will be able to offer a higher check limit for merchant.
  • Dramatically decreases the number of times GETI will have to call merchant to request a copy of signed receipt.
  • If merchant neglects to follow any guidelines GETI will be in a better position to collect on check by pulling the image.

Is check writer debited immediately?

No. Check writer will still experience about a 2 day "float" before funds are withdrawn. (about the same as if it was a paper check)

What happens if check writer writes a back check?

The merchant will still be funded by GETI with GETI's money - not the check writers. GETI is responsible for collecting from check writer.

Does the terminal verify that the checking account is open or that there is money in the account?

No. The terminal is check against a national negative database of bad check writers.

What is the merchant's check limit?

GETI will issue the check limit when merchant is approved and will be posted on the "Merchant Approval" form. ISO is to state on merchant application the highest check limit merchant will require. Ninety percent of the time GETI will be able to accommodate merchant's request.

Are business checks acceptable?

1)  If check is a personal check with a Doing Business (DBA) name and the owner of the account signs the receipt then that is acceptable.

2)  Corporate checks are not allowed by NACHA to be processed.

Any good tips on promoting to merchants?
  • "Are you taking checks the old way or the new way?"
  • "How would you like to accept and process check just 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 Conversions systems?"
  • "How would you like to have your customers checks electronically deposited so you don'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.

Quick Service Program

Targeted Merchants

Merchants that have a low average ticket and require a fast checkout time.

Acceptable merchant types include
  • Convenience Stores
  • Quick Service Restaurants (fast food, etc.)
  • Gas Stations

Guidelines

  • Merchant will not be required to input driver's license into terminal.
  • Maximum check limit will be $50
  • Average check must be $25 or under
    •
  • ISO must write on top of merchant app "QSP"
  • No discount percentage - contact GETI for your QSP per transaction fee buy rate.

Follow the links below for more information on:

Cash Flow Now specializes in electronic payment, ACH processing services and ACH software for businesses. For additional information regarding the following services, just click on any of the following links: electronic payment, bad check recovery, check by phone, check guarantee, automated payments, adult merchant account, electronic check conversion, merchant account.

 

Electronic Check Conversion

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Call Pat for Electronic Payment Processing Services Pat A. McDavitt, Owner
C. J. & Tuck Consulting, LLC
1422-A West Braker Lane
Austin, TX 78758-3702
Phone 512-837-1358
FAX 512-837-0345
Email Address: pat@cashflownow.org

 

Electronic Payment  Bad Check Recovery  Check by Phone  Check Guarantee  Automated Payments Electronic Check Conversion  Merchant Account  Adult Merchant Account  Order or Get More Information About Electronic Check Conversion  Electronic Payment Processing Services Articles  Testimonials  Privacy Policy 
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