Why is ECC (electronic check conversion) Beneficial :
• Checks get treated just like credit cards at a lower cost to the merchant
• Merchant is funded in 48 hours - just like credit cards
• Security - for the merchant and customer
- Merchant's deposit cannot be lost or stolen
- Consumer does not have to sorry about identity theft
• Merchant saves on the following fees (which may vary by bank):
- Deposit Fees
- Pay Per Item Fee (encoding of check amount on MICR line)
- Return Check Fees
• Merchant saves on clerical time
- No check endorsements
- No itemization on deposit slip
- No tracking of deposits
Q: Why is ELectronic Check Conversion so popular?
Converting paper checks to electronic check is a natural process, using proven technology to make checks faster and easier to process. Its is also consistent with the support by the Federal Government and industry groups to develop and implement electronic transactions.
Q: What are the benefits to me as a merchant?
- Improves Cash Flow and Cash Management
- Minimizes Reconciliation Efforts
- Eliminates Bank Fees
- Eliminates Returned Paper Checks
- Funds are available within 48 hours
Q: What are the benefits to my customers
Converting the Customer's paper check into and electronic transaction will not affect their"float", since the electronic check is processes through the banking cycle in the same amount of time as a traditional paper check. Reconciling bank statements is easier, since more detailed information is provided on the statement.
Q: Why wouldn't my customer just use a Debit Card?
Many customers prefer checks for record keeping purposes, security reasons and for float. Not all check writers have access to Debit Cards and many of your fellow Merchants have invested in PIN pads.
Q: Why must the customer sign the authorization slip?
Like credit cards, the Customer's signature makes the transaction promissory and authorizes the Merchant to process the transaction electronically.
Q: But is the process safe to my Customer?
Companies that process payments electronically must follow government (NACHA) guidelines. Your customers will retain the same rights they currently possess when disputing fraudulent items posted to their checking accounts.
Q: How Many images will the equipment hold?
- RDM EC6004f - approximately 175 images
- Verifone CR 1000i - approximately 150 images
Visit our check reader equipment page to learn more about specific equipment and their specifications, pricing, and how you can apply for an account.
Q: What if the equipment won't read the check?
The transaction can still be guaranteed via separate key within the credit card terminal. The check must be deposited and not returned to the customer.
Q: Can I void a transaction?
Yes, it works just like your credit cards. If the batch containing the original transaction is still open you can void the transaction. However, if the original batch is already closed, Merchant should follow internal refund/return procedures as credits can not be generated.
Q: Will Electronic Check Conversion reduce the time it takes in closing my cash drawer?
Absolutely! Terminal reports are generated at batch close. Reports include the total number of converted items, voided items and the grand totals. No more running tapes to total the electronically accepted checks.
Q: What happens if the customer wants to return merchandise and requests refund?
If the customer wishes to return merchandise for a refund, the Merchant should follow internal return/refund procedures. Note: if the original batch is still open, the original Sale transaction can be voided, This will prevent the debit to the Consumer's account.
Q: What if the check writer refuses to sign the authorization/receipt?
This will be up to the merchant. Some merchants may choose to only process check electronically and if they cannot be processed electronically, they will refuse the form of payment and ask for another .
How To Choose
Your Merchant AccountSimply answer the questions below and let us help direct you to the appropriate type of account.
Design & developed by: Web Designs Boise©2001-2012 Total Merchant Services, Inc.
Total Merchant Services (TMS) is a registered ISO/MSP for HSBC Bank USA, National Association, Buffalo, NY