 Processing
| Paper check, next
to cash, is the second most preferred method of payment.
However, the problems concomitant with paper checks have
not been encouraging to some merchants. The inconveniences
of delayed payment and paperwork as well as fraudulent
incidences have deterred its widespread acceptance.
Fortunately, financial institutions have developed
systems to alleviate those concerns through a number
of new product and service enhancements carried out
via electronic transmissions. The merging of paper checks
with electronic payment processing allows merchants
to be more receptive to this convergence of technology.
The influx of electronic checks as an emerging e-payment
option has become increasingly popular among merchants
due primarily to a faster and more secured payment settlement
process. Furthermore, reduction in bank charges from
bounced checks with the check guarantee program, elimination
of errors from manual deposit reconciliation due to
electronic batch closing, and enhanced security due
to electronic deposits, are only a few reasons for you
to accept checks as an important payment option.
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ELECTRONIC CHECK CONVERSION (ECC)
Electronic Check Conversion is the process of transforming
a paper check into an electronic transaction known as e-check,
through the Automated Clearing House (ACH) network. Processing
is done securely in real time. Funds are moved from the consumer's
account to the merchant's account automatically within a few
days. A merchant must open an account with an electronic check-processing
provider like PayRight™ to avail of this option. In
addition, a Magnetic-Ink Character Recognition (MICR) check
reader or an existing terminal compatible with check conversion
is needed.
ELECTRONIC CHECK CONVERSION W/GUARANTEE
PayRight™ offers all forms of check processing including
electronic check guarantee. In electronic check guarantee,
the check is swiped through the the Point-Of-Sale (POS) terminal
reader. The data is transferred thereafter to the network
for approval. If the transaction is approved, a printout of
the receipt needs to be filled up by the consumer with his/her
signature, printed name, and phone number. The check must
be stamped with "ACH Processed" and returned to
the consumer. Funds are transferred to the merchant within
a few days while the consumer enjoys at least a two (2) day
float. In the event of a returned check, the merchant is not
charged back as long as proper procedures have been observed.
ELECTRONIC CHECK CONVERSION W/ VERIFICATION
Electronic Check Conversion with Verification works around
the same principles as ECC and ECC w/Guarantee, except consumers
are checked against a national negative database and the merchants
do not get funded for returned checks or checks that have
not cleared through the ACH network. Returned checks are automatically
resubmitted via electronic processing for two (2) more attempts.
Non-Sufficient Funds (NSF) and Deposit Fees are eliminated,
providing merchants with some savings, since transactions
occur electronically.
TRADITIONAL PAPER CHECK GUARANTEE
The Traditional Paper Check Guarantee is a low cost program
that requires the merchant to deposit the paper checks into
the bank. In case of a returned check, the bank sends it to
the check guarantee provider. The check guarantee provider
in turn, pays the merchant the full amount within 30 days.
In this type of transaction, no check reader is required in
addition to the terminal. The terminal is the only equipment
required in a request for approval. Every check needs to be
stamped prior to deposit.
ELECTRONIC REPRESENTED CHECK OR ELECTRONIC CHECK RECOVERY
(RCK)
Electronic Represented Check or Electronic Check Recovery,
simply known as RCK, is a program designed to recover funds
from bounced checks (NSF), using a third party provider to
handle the collection. Through PayRight™ these services
are available to merchants in an effort to help them avoid
returned check or re-deposit fees as well as the inconvenience
of handling collections. The entire amount of the check is
remitted back to the merchant by the 20th day of the month
following collection, exclusive of weekends and holidays.
There is no recovery service cost charged to the merchant.
The RCK processing fee is posted against the check writer's
account along with the check amount.
ACH PROCESSING
RECURRING DEBIT PROGRAM
Recurring Debit Program is an ACH Non-Guarantee service ideal
for merchants with a repetitive need for invoicing such as
Internet Service Providers and Health Clubs. The amount is
automatically debited against a customer's checking account
and remains consistent each billing period. A Signed Written
Authorization Form is required from the customer prior to
program initialization. In sending check transaction data,
the amount and interval period can either be e-mailed or directly
done through the payment processing provider's web site. There
is no software to buy or terminal to maintain. There is no
setup fee or discount rate to pay. Neither customers need
to write any physical checks nor merchants be encumbered with
banking fees and paper check handling costs.
MO/TO "CHECK NOT PRESENT" PROGRAM
This is an ACH Non-Guarantee program with no physical check
written. However, a signed written authorization from the
customer or a recorded verbal authorization over the phone,
must be secured for every transaction. Each check transaction
can be recorded directly into the payment processing provider's
website or sent by e-mail. Online reporting allows merchant
to know NSF transactions within three (3) days. NSF checks
are re-submitted two (2) additional times. Merchants receive
funds within a week on all cleared transactions. There is
no setup fee or discount rate to pay as well as terminal or
software to buy.
PAYRIGHT™
ONE-STOP-SHOP CHECK PROCESSING
Stay ahead of the competition!
Accept check payment using our Advanced Networks and Data
Processing Centers
Enjoy the opportunity of a Better Profit Margin with Excellent
Discount Rates and/or Transaction Fees from PayRight™
Reap the benefits of a Secured and Fast Settlement of Funds
provided through PayRight™
Receive the Best Client Care Support System from PayRight™
in time of your need
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