Compare Check Service Prices 1. Does your business currently accept checks? Choose... Yes No 2. How do you (or will you) process the majority of your check transactions?   Choose... In Person and/or by mail By phone Internet

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Check Services Basics

Check services help take the risk out of accepting personal checks from customers. Using check services to validate and guarantee personal checks can cost less than the fees to process credit cards. It also offers an additional payment option to your customers.

The main component of check services is electronic check conversion. Check conversion allows you to get your money in as little as 48 to 72 hours. Consumers must have the funds available immediately to use a personal check. You get monthly statements and online reporting for all check conversion transactions.

It's important to meet with several check service providers before making a final decision. You want to ensure the vendor provides adequate training for you and your staff to properly use the check service technology.

Points to consider:

• Does your business accept checks now?
• Does your business accept credit cards?
• Do you accept checks in-person or through the mail?
• Would you like to accept checks over the Internet (echecks)?
• What check services do you need? (Verification? Guarantee? Conversion?)
• What is the dollar volume of checks you process each month?

Related articles - December 2008

Common terms:

• check conversion
• check guarantee
• check recovery
• check services
• check verification
• e-checks
• EFT processing
• telecheck

Leading suppliers:

• Commuter Check
• Cross-Check
• Creative Cash Flow Solutions
• ECHO
• Global Merchant Solutions
• Global Payments
• Source One Payment Solutions