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ECHO
Acquires NCN, Completes Platform Integration Electronic
Clearing House, Inc. (ECHO) is acquiring National Check Network (NCN). NCN is an
organization of more than 60 collection agencies who contribute negative and
positive check writing data to NCN’s database of check writers. NCN’s check
verification services are marketed to collection agencies who, in turn, market
the services to retail merchants. With 4.5
million items in its database, NCN is one of the top check verification
associations in the country. NCN performs approximately 3 million check
verification transactions per month for over 8,200 merchant clients. XPRESSCHEX,
Inc., ECHO’s check processing subsidiary, is currently contracted by NCN to
process and maintain the NCN database. “The
proposed acquisition of NCN fits well with ECHO’s strategy to provide
unparalleled check processing services to merchants across the USA,” stated
Kris Winckler, President of XPRESSCHEX.
“In addition to the check verification service already provided, we believe
other XPRESSCHEX services, such as return check processing, check by phone
submission, check conversion, full internet reporting and ECHO’s credit and
debit card processing services, will be welcomed by NCN members and promoted
actively to their base of merchants.” In other
ECHO news, the company has completed the integration of the ECHOTERM 3200
platform. The platform integrates check conversion with check verification,
debit, and credit card transactions. ECHOTERM 3200 works through VeriFone’s
Omni 3200 terminal and captures check images with a scanner. The new terminal
and its applications will be offered to all ECHO merchants and marketed through
ECHO’s various sales channels. The
electronic check conversion (ECC) process works as follows: • The
customer presents a paper check at the POS • The
check is fed through a check reader. The MICR information is captured and the
check image is stored. • The
amount of the check is entered by hand on a terminal keypad. • The
information is electronically routed to Rocky Mountain Retail Systems, Inc. (RMRS),
the check verification subsidiary of ECHO. At RMRS, the check writer’s account
information is verified through RMRS’s check verification database. • If
the check is accepted, an authorization slip is printed for the check writer to
sign allowing the paper check to be immediately converted into an electronic
transaction. The check is then returned to the consumer stamped “void.” • The
transaction data is routed to XPRESSCHEX, Inc. XPRESSCHEX processes the
transactions through the Federal Reserve’s Automated Clearing House settlement
system where funds are debited from the check writer’s checking account within
24 hours and credited to the merchant’s account shortly thereafter. Additionally,
automatic re-submission of returned checks can be scheduled to process near
normal paydays when the check writer is more likely to have adequate funds.
Also, the merchant has the capability to access their check images online, view
their check transaction activity and review all credit card and debit card
activity in one location on the Internet. “Merchants
want to simplify their processing systems, and combining all these services on
one platform meets that need”, stated Joel Barry, CEO of ECHO.
“Internet-based image retrieval, collection activity, and full transaction
reporting will simplify the merchant’s need to stay informed as to the status
of his various payment methods.” Electronic
Clearing House, Inc., provides credit card processing, check guarantee, check
verification, check conversion, inventory tracking and/or various Internet
services to over 58,000 retail merchants. For more information visit www.echo-inc.com. |
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