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Check
Conversion Factoid John
H. Beebe Global
eTelecom, Inc. There
are many fallacies that currently exist about Electronic Check Conversion (ECC).
The Green Sheet and Global eTelecom wish to educate ISOs to the real
truth about ECC. The facts behind ECC go a long way to empower ISOs to
effectively close more sales, increase their monthly income, open new doors and
embrace new opportunities for business with this exploding new technology. Fiction:
With standard Electronic Check Conversion, once an approval is given back
to the merchant at the point-of-sale, the funds for that transaction are
guaranteed to clear and are subsequently deposited into the merchant’s
account. Fact:
Although Electronic Check Conversion transactions mirror credit card
transactions at the point-of -sale, unless that merchant has elected to go with
a check guarantee service feature with ECC, there is no guarantee that the funds
for that transaction will clear. While ECC operates almost exactly like a credit
card transaction at the point-of-sale, unlike credit cards there exists the
initial possibility of returned check items, the same as with manual or standard
check presentment and deposit programs. The only way for a merchant to be
assured that the transaction will clear, and to receive a guarantee on the funds
for that transaction, is to have purchased a check guarantee service in
conjunction with ECC. CrossCheck,
Global eTelecom and others in the industry provide payment guarantee services on
Electronic Check Conversion transactions. As the electronic payment spectrum
explodes—out and away from just credit & debit card-based
transactions—the need for electronic payment guarantee services to protect the
merchant’s bottom line is exploding as well. In this explosion of possible new
business resides the opportunity for knowledgeable ISOs to make large amounts of
additional revenue. Empower
Yourself with the Facts. Knowing the Facts Means More Sales and More Income. |
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© Copyright 2001 · The Green Sheet, Inc. |
