Check Processing Services
The most popular type of non-cash payment in the United States remains the paper check. Billions of checks are written within the United States every year, with over 30 billion projected by 2005. With statistics like these, protection against check fraud and its associated losses becomes paramount to businesses’ financial vitality. Card Payment Solutions, a leading provider in the check services industry, offers solutions that provide thoroughness, speed, and reliability, making it easy for merchants to accept checks with confidence.
Check Conversion & Guarantee
Card Payment Solutions has combined all the benefits of check conversion and check guarantee to provide the most powerful check service in the industry today. Merchants are able to convert paper checks into electronic deposits within 48 hours (two business days) while insuring the face value of the check and eliminating any chargeback liability. This service allows merchants to accept checks as safely and conveniently as credit cards.
- Increase ticket size
- Eliminate losses
- Improve cash flow
- Predictable cash flow
- Protection from unexpected overdrafts
- Eliminate “NSF” fees
- No more deposit tickets
- No more trips to the bank
Conversion enables the merchant to convert paper checks into an electronic transaction at the point-of-sale without depositing the actual check. Funds are transferred into the merchant’s business checking account within five (5) business days via the Automated Clearing House (ACH). Should there be no funds available, the merchant will be notified by fax or telephone within five (5) business days so the customer can be contacted for an alternative means of payment.
- All the benefits of Verification
- No more check deposits
- No bank “item” fees
- Eliminate trips to the bank
- Electronic transfer of funds
Check Guarantee is the most commonly used check service allowing the merchant to “insure” the face value of the check and protecting the merchant against checks written on non-sufficient funds (NSF). Merchants obtain electronic approval or voice authorization for the transaction and then deposit the checks. Checks that do not clear can be submitted to Card Payment Solutions for reimbursement. This reimbursement typically takes 2-4 weeks from the time of receipt of the original item, and is processed electronically via the ACH. It is sent under a specific category, so the merchant can identify that the credit is for a bounced item.
- Increase Sales
- Eliminate Risk
- 100% Guaranteed
Verification allows merchants to access the Card Payment Solutions Negative Database to verify negative information regarding a particular check or check-writer. The merchant is simply “purchasing” information to aid in the decision to accept or decline a check. Card Payment Solutions provides an approval based on whether or not there is a positive match on the checking account number or home telephone number of the check-writer in the negative database. The decision to accept any check remains solely up to the merchant.
- Maximize Sales
- Minimize Risk
- Previous negative record verification
- Decision based on “real” data