TeleCheck Electronic Check Acceptance ECA Verification service gives merchants an efficient option for accepting and processing checks at the point-of-sale. This service is ideal for merchants who want to implement an electronic check service to avoid traditional bank fees and manage their own collection efforts.
The TeleCheck ECA Verification service is one of the industry's most sophisticated check verification systems. It gives you the confidence to accept more checks, while reducing bank fees and processing costs. You will see an improvement in cash flow with faster funding utilizing the TeleCheck ECA Verification service. And with electronic check processing, you return the check to the consumer helping to protect your customer's personal information.
The TeleCheck ECA Verification service screens checks against information from hundreds of thousands of businesses and financial institutions, minimizing the risks associated with check acceptance.
How It Works
After a customer gives you a paper check, TeleCheck uses leading risk assessment technology and extensive check writer negative and activity databases to evaluate the risk of accepting a check. If the check meets the verification requirements, the TeleCheck ECA Verification service converts the paper check into an electronic transaction at the point-of-sale. The Automated Clearing House (ACH) network is used to process the transaction and funds are deposited directly into your bank account generally in two business days.
Large merchants who want to avoid the costs of full-service check verification have traditionally maintained their own databases or used day-old, distributed negative files. The internal solutions have become less effective with the increased sophistication and frequency of fraud. With the TeleCheck Live Verify solution, merchants have access to one of the most current and comprehensive check writer negative and activity databases, and risk management tools to protect against fraud and minimize returned checks.
The TeleCheck Live Verify service provides merchants with dynamic, real-time negative and activity databases for all transactions. Additionally, it uses a proprietary switch that forwards higher risk transactions to full risk management systems. The patent-pending TeleCheck Live Verify service is the first hybrid solution of its kind and is available for merchants that process a high volume of transactions.
How It Works
At the point-of-sale, merchants send check transactions to TeleCheck for verification. During the authorization process, TeleCheck filters the check writer transaction information through the TeleCheck databases and risk management tools to evaluate the check writer’s history.
A proprietary switch directs higher-risk transactions through the advanced adaptive decisioning and scoring system for full risk management evaluation. This intelligent switch helps maximize risk prevention and minimize cost for merchants.
