Another great tool for added revenue for your company is to offer check guarantee or check truncation to your retail clients. Check guarantee simply allows you to enter a customer’s driver’s license number into your credit card terminal and get an approval for the check, deposit it as normal, and if it goes bad the amount is guaranteed through the service. The merchant pays a percentage, just like credit card processing; a monthly service fee or statement fee; and a monthly minimum. Margins are better than credit card
processing because the buy rate is lower.
Check truncation is similar in every way except that when a customer offers a check for payment, the merchant puts it through a check reader; when approved, the merchant puts a stamp on the check and actually returns it to the customer. The money is directly deposited into the merchant’s account, and once it’s approved it can never be charged
back or retrieved. More and more people are going back to checks as debit card fees loom over their heads. Offer you clients check processing and watch your revenue grow.
Lets get started!
Call me with your questions @ 301 829 3331 James Darle Jones