What is a phone check?
A phone check allows your phone sales representatives to close a sale immediately by electronically processing a check like a credit card. And it costs less. Ask us for a demo today.
Is electronic check processing a new service?
Mortgage and insurance companies have been using electronic check drafting for years. New rules developed by the National Automated Clearing House (NACHA) now allow merchants to use electronic checks as a way to accept payments on the phone, Internet, at point of sale, with their lockbox, for recurring payments or for submitting credits to their customers or vendors. This is a more efficient and cost-effective method of accepting secure check payments.
What is NACHA?
NACHA is a not-for-profit trade association that develops operating rules and business practices for the Automated Clearing House (ACH) Network and for other areas of electronic payments. NACHA activities and initiatives facilitate the adoption of electronic payments in the areas of Internet commerce, electronic check payments for phone, point of sale, or accounts receivable conversion, electronic bill payment and presentment (EBPP), financial electronic data interchange (EDI), international payments, electronic checks, electronic benefits transfer (EBT) and student lending.
Are electronic check transactions secured?
Yes, all information that is processed through the Web hosted site is encrypted and transferred by means of a SSL (secure socket layer) protocol. On custom designed systems we use the latest firewall technology. In addition fraud screens have been developed to detect any irregularities to reduce your exposure.
Will this service increase my business?
For companies that currently only take credit cards, studies have shown that this service will increase your revenues from 8% to 25%.
Will this service save my company money?
Yes, by decreasing operating costs, bank fees, return check collections costs and credit card fees.
Is it easy to implement?
We have partnered with the best processing companies that have developed processes that integrate easily with you current systems. Another option is to use our ASP models that use Internet browsers eliminating any integration work for your company.
What training will be needed for my customer service agents?
The option of paying by check is as simple as the credit card screen your agents and online customers are accustomed to using now. The only difference is that they are entering routing and account numbers and a check number. Merchants who are utilizing the service now find it as simple as taking a credit card. In the event that training is needed we work with you to provide the necessary tools and training to ensure your staff is thoroughly knowledgeable with the process.
How quickly will I receive my funds?
A normal transaction is deposited in your account within 24-72 hours. Our top-of-the-line reporting system will help you track all good funds and any checks.
How are return items handled?
Electronic items are honored before paper checks and can be presented twice. This is done automatically with our system using the best technology to insure the highest rate of collection. All this is done without your company having to touch a check. Studies show that the collection rate for NSF’s presented using these methods are about 75 to 80% overall collection with no human intervention.
How much does the e-check service cost?
Typically the cost is far less that taking a credit card. In addition, the typical increase in business eliminates the cost all together, actually increasing bottom line profits. Call us or e-mail us for a specific rate proposal.
Will my credit cards costs decrease?
Yes, as more people opt to pay by check, because the typical fee is less than that for a credit card, you will realize tremendous savings.