Personal checks remain a popular form of non-cash payment among consumers. Businesses that don’t accept checks lose business. So if you’re looking to maximize your sales, improve efficiency and protect your business (and your bank account) from fraudulent activity, LEADERS can help.
We offer a variety of Check Guarantee services. Provided by our friends at Global eTelecom, all of these services are geared toward protecting your business from bounced checks and the associated fees. Arm your business against check fraud by choosing one of the following solutions: Point of Sale Conversion, Paper Guarantee, Check 21+, and Checks-By-Phone.
Point of Sale Conversion
Utilizing the latest technology, Point of Sale Conversion (also known as Electronic Check Conversion, or ECC) allows you to process checks just like credit cards. This service eliminates trips to the bank and worries concerning lost or stolen check deposits. And it’s easy!
Benefits:
- Increases sales by safely accepting check at the point of sale
- Eliminates check-handling labor and trips to the bank
- Faster availability of funds
- Eliminates NSF and other banking fees
- No paper claims for bad checks
How does Point of Sale Conversion work?
- Your customer hands you a check.
- You enter the requested data into a point-of-sale (POS) terminal.
- You slide the check through the check reader or imager and hand the check back to the customer.
- A receipt is printed and handed to the customer to be signed.
- The funds are credited to your account within 2-3 business days.
- "Electronic" checks that bounce never hit your bank account!
Paper Guarantee
Paper Guarantee is a check acceptance service that eliminates the risks of accepting paper checks. Verification and authorization are obtained at the point of sale for face-to-face transactions. Paper checks must still be manually deposited into your bank by the close of the next business day and will be guaranteed if returned unpaid.
Benefits:
- Guaranteed reimbursement on bounced checks
- Online Reporting for full transaction tracking
- Supports most point-of-sale terminals
- Stop-payment fraud coverage
How does Paper Guarantee work?
- Paper checks are accepted in person at the point of sale.
- Check information is entered into terminal to obtain approval.
- Terminal runs verification and authorization process.
- Authorization code and check holder’s phone number are written on check and then check must be manually deposited in your bank by the close of the next business day.
Check 21+
The future of check payments is here. Accept any type of check in a point-of-sale or consumer-not-present environment. Check 21+, also called electronic deposit, lets you skip the trip to the bank.
Benefits:
- Check 21+ is versatile enough to accept checks in any environment
- Fast electronic deposit of funds in 2-3 business days (8 business days for Payroll cashing)
- No ACH restrictions
- Higher check limits
How exactly does Check 21+ work?
- Paper checks are received in the mail, drop-box, or in person (any type of check may be accepted at both point-of-sale and consumer-not-present environments, including payroll checks!)
- Checks are run through a check imager connected to a PC, terminal, or payment gateway. A check imager has the capability to scan both sides of a check.
- Funds are electronically debited from consumer’s checking account.
- Funds are then electronically deposited into the merchant’s account in 2-3 days for all checks other than payroll checks. Payroll checks are deposited in 8 business days. Merchants can use their existing bank account, so unlike with other Check 21 services from other providers, there is no need to open a separate bank account.
Checks-By-Phone
Checks-By-Phone allows merchants to accept and process checks from their customers over the phone. Written or recorded verbal permission from the customer is used to authorize the transaction. This scalable solution allows any sized business to enjoy the benefits of accepting check payments over the phone.
Benefits:
- Allows businesses of any size the opportunity to safely accept checks over the phone.
- Funds will be deposited via an ACH transaction into the merchant’s bank account in 5-7 business days.
- Online reporting allows for tracking of all activity!
How does Checks-By-Phone work?
- The customer gives authorization to electronically debit their checking account. Authorization can be written or provided verbally and recorded over the phone.
- Transaction information is uploaded to the processor through a variety of options, including web-based virtual terminals, certified third party payment gateways, web services API, or batch file uploading.
- The funds are electronically debited from the client’s checking account.
- The funds are then electronically deposited into the merchant’s bank account in 5-7 business days.
To sign up for one of our Check Guarantee services, give us a call and we'll get you started today!
