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With the “Electronic
Retail Check Verification or Guarantee option”:
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Merchants can effectively eliminate paper checks by converting a paper check into an Electronic
Transfer.
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The Retail Check
Verification, Conversion and Guarantee Program automates the check process, quickly deposits the merchant’s funds and reduces bank fees such as return check penalties.
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Funds are automatically deposited into the merchant’s bank account.
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Eliminates the need to fill out daily deposit slips and make trips to the bank.
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Eliminates the chance of loss from fraud, since all deposits are made directly from the terminal.
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Allow you to focus on your business and not on returned check collections.
Our retail check Verification,
Conversion and Guarantee rates are as follows:
Option 1. Rates for
Electronic Check Conversion with Guarantee (means that
check does not have to be deposited into the bank, funds
are automatically deposited by processor, and check
payment is guaranteed).
- Check Reader not
included, you may use your own check reader or
inquire about our check reader discounts for
merchants.
- No Setup Fee
- Discount Rate: 1.25%
- Transaction Fee:
$0.22
- Monthly Service Fee:
$5
Option 2. Rates for
Electronic Check Conversion with Verification (means
that check does not have to be deposited into the bank,
funds are automatically deposited by processor, and
check is verified to be valid but payment is not
guaranteed).
- Check Reader not
included, you may use your own check reader or
inquire about our check reader discounts for
merchants.
- No Setup Fee
- Discount Rate: 0%
(None)
- Transaction Fee:
$0.22
- Monthly Service Fee:
$5
Option 3. Rates for
Check 21 (Check 21 allows merchants to accept all types of checks from business to Payroll, Money Orders, etc. Ideal for merchants who receive lots of business
checks).
- No Setup Fee
- Discount Rate: 1.25%
for check present (retail) and 2.25% for check not
present (where the customer is not in front of you).
- Transaction Fee:
$0.22
- Monthly Service Fee:
$5
- Monthly Minimum:
$12.50
Option 4. Rates for
check processing with Recurring ACH Debit (for merchants
that have to ACH customer's checking account at
pre-determined regular occurrences).
- No Setup Fee
- Discount Rate: 0.49%
- Transaction Fee:
$0.40
- Monthly Service Fee:
$7
- Monthly Minimum: $25
*Note (monthly minimums
are not recurring monthly fees, this is a fee that goes
away as you process checks for the given month).
Option 5. Rates for
Tele-Debit with Guarantee
(allows merchants to process checks using their
touch-tone phone-includes check guarantee for guaranteed
funds)
- No Setup Fee
- Discount Rate: 2.30%
- Transaction Fee:
$0.22
- Monthly Service Fee:
$12.50
- Monthly Minimum:
$12.50
*Note (monthly minimums
are not recurring monthly fees, this is a fee that goes
away as you process checks for the given month).
The retail check verification services above (Option
1 and 2) requires a credit card terminal for
communication. In many cases you may use your own credit card
terminal if you have one. But, if you need a credit card terminal TMS offers
compatible Verifone and Nurit terminals for a low cost.
Contact
us for more information on how to enhance your business
image by taking advantage of the Retail Check Verification/Guarantee
Services.
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