ELECTRONIC CHECK CONVERSION
- Used To Convert Paper Checks Into Electronic Transactions At the Point Of Sale
- Checks Verified Against National Data Base
- Customer Receipt provided
- Can Use Regular Phone Connection Or DSL
- Normally Presented As A Guarantee Program
TEL TRANSACTIONS
This program is used to electronically debit a consumer's account when authorization is received over the telephone. Telephone authorization can only be obtained from consumers for one-time single entry debits. Any consumer requesting recurring payments via telephone must also give written authorization for such payments to be created.
This is an internet based program that requires no special hardware installed. The Tel program is usually sold as a non-guarantee program but can be converted to a check guarantee program with an addition of the verify now program which verifies the check information through a National Data Base prior to approving the transaction
WEB DEBIT/ONLINE PAYMENTS
This program is used to electronically debit a consumer's account when authorization is received over the Internet. Web authorization can be obtained either for single entry transactions or recurring entry debit transactions.
A Link is provided to allow the consumer to select payment by check and the information is verified through a National Data Base prior to approving the transaction. There are several methods of integrating the web-debit program into any size business including predefined payment forms and a web service to create your own payment form.
LOCKBOX PAYMENTS
This program is used to convert a paper check (Consumer Only), received in the U.S Mail or at a Drop-Box location to an electronic transaction and withdraw the money from the account holder's bank account. Funds are debited from the Consumer's bank account as a single transaction only.
The Consumer provides the company with prior authorization to electronically debit their account. Checks can be entered into the internet based program by either entering the check manually or by way of a MICR Scanner through the Remote ARC Scanner Program.
The advantages of an electronic transaction vice paper check deposit are:
- No bank associated fees for deposited or returned items
- Faster dishonored check information (24-48 hours vice 7 days)
- Correction information is available within 24-48 hours
- Electronic transactions have priority over Paper check deposits