- Business and Employment
Business Owners: Consider TeleCheck for Your Check Processing Needs
Are you a business owner losing customers because you do not accept checks? If you want to stop turning away money, consider TeleCheck’s Electronic Check Acceptance or ECA.
With ECA, you do not have the extra administrative burden of safeguarding checks until it is time to deposit them into your banking account. Instead of you taking possession of the check, it is run through a reader that interprets the MICR (Magnetic Ink Character Recognition) information from the bottom of the customer’s check. As an added measure of security, the check writer is validated against TeleCheck’s extensive database. If the check writer is not listed in the database, the transaction is approved. The customer signs and returns a receipt acknowledging the funds will be electronically debited from his or her account. You keep the signed receipt and return a customer copy and the check to the customer. If, unfortunately, the customer is listed in TeleCheck’s database, the transaction will be denied, thus saving you the frustration of dealing with a hot check.
ECA can either be Verification, where, simply, the check writer is verified against the TeleCheck database or Guarantee where TeleCheck warranties the amount of the transaction should there be an issue with the transaction.
TeleCheck, part of First Data Corporation, is a third party check processing service with nearly forty years of experience with protecting merchants and financial institutions from check-related losses and fraud.
As with any endeavor, research thoroughly before committing. There are other third party check processing providers that may better suit your business needs. To learn more about the products that TeleCheck offers, visit FirstData.com
- Global Selector | FirstData
One of the worlds largest providers of merchant processing services.