Successful merchants offer the greatest variety of customer payment options. One of the most frequently requested is payment by check. Checks have always been an expensive payment method. Merchants are required to fill out deposit slips, make trips to the bank, collect bad checks and suffer the loss if the check is noncollectable.
Recently the banking system changed the rules that applied to how checks could be processed. These rule changes allowed checks to be converted into debit items at the point of sale. The local branch of the bank is now on the merchants counter top rather than on the street corner. With specialized POS equipment, check information is transmitted to a host computer and then the actual check is given back to the check writer. These simple changes have revolutionized the way checks are handled.
The successful merchant is not only interested in checks clearing but also in the ease of acceptance at the Point of Sale. The Check Guarantee program is virtually transparent to both the consumer and the sales clerk. Since the terminal does not request basic information usually found on pre-printed checks, ID requirements are minimal, resulting in speedier check out times and improved customer service.
Using both a Driver's License number (or state ID) and a checking account number, a check presented for approval is electronically transmitted to our files which function much like a credit bureau, to collect and disseminate information about abused checking accounts.
Declines only occur as a result of negative information on file. Merchants refer declined check writers to a customer service representative who is experienced at handling that type of inquiry with tact and diplomacy.
In the event the check is returned by the bank, the merchant will never know that is was dishonored. Once an approval is obtained from our host, the merchant is guaranteed the funds will be in their account in about 48 hours.
Within seconds our system will approve or decline a check. If we approve it and the check is returned, the merchant will remain 100% funded with no interruption in cash flow.