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Table of Contents

Lead Story

Card acquiring:
Banking's forgotten family member?

News

Industry Update

Smart phone, smart payment

Open-loop gift card issuers given reprieve

Congress hammers issuers, acquirers spared

Trustwave alerts hospitality sector

Features

Conference on your desktop

MWAA, a focus on opportunities

PCI unlocks a treasure of security content

ISOMetrics:
Acquiring by the numbers

Selling Prepaid

Prepaid in brief

Virtual card delivers instant rewards

Payroll card market opportunities beckon

Rate this market: African immigrants

Views

VoIP not a secure option

Scott Henry
VeriFone

Bad things happen to good people

Biff Matthews
CardWare International

Education

Street SmartsSM:
Trusty tips for terrific networking

Jon Perry and Vanessa Lang
888QuikRate.com

Margin compression: It's in your hands

Jeff Fortney
Clearent LLC

Elegant e-mail marketing

Daniel Wadleigh
Marketing Consultant

Seven steps to a practical PCI program

Tim Cranny
Panoptic Security Inc.

Company Profile

Sterling Payment Technologies

New Products

Wi-Fi installation simplified

WiFi-in-a-Box
VeriFone

Automatic collections with RDC

Electric Check Processing Plus
CrossCheck Inc.

Comprehensive e-commerce platform

BancRunner
Universal Financial Systems Inc.

Inspiration

Strength in cooperation

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

June 08, 2009  •  Issue 09:06:01

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New Products

Automatic collections with RDC

Product: Electric Check Processing Plus

A new product from check approval company CrossCheck Inc. fuses new technology with a time-tested service. The product, Electric Check Processing Plus, is a remote deposit capture (RDC) device connected to CrossCheck's collections service. In the event that a check fails to clear, agents at CrossCheck are electronically notified and can proceed from there.

Built-in service

"It's our internal collection product, so we actually will pursue collections for the merchant directly, and when the item is recovered we reimburse them," said Tiffany Lucas, Senior Vice President, Product Development for CrossCheck.

"It's a built-in service. It automatically allows the assignment to happen, so there aren't extra steps the merchant has to take. It's a seamless integration between two products."

Normally, a merchant would either face the hassle of commissioning an outside collections agency or, more perilously, pursue the chargeback alone, Lucas added.

"We don't just tell the merchant, 'Well, go ahead and pursue that on your own,' because there are so many regulations that they need to be aware of to make sure they're collecting legally," she said. "The solution is there for recovery when it's needed."

Lucas said CrossCheck also sells an "electronic guarantee" RDC device for merchants with high chargeback volumes, but that most RDC products do not provide a full defense against chargebacks.

Batch processing and bad checks

While the technology expedites check processing by allowing merchants to send checks electronically, it is usually done by "batch processing" - meaning the checks are not sent in real time, but rather in bundles at the end of each business day. That delay means some bad checks can slip through at the POS.

Lucas said Electric Check Processing Plus is aimed at merchants who get a more moderate level of bounced checks, which might include anybody from retailers to medical outlets to auto dealerships.

"It could be [small businesses] or merchants who have a lot of repeat customers, so they know for the most part there's going to be ongoing business where the returns aren't necessarily going to be as high as somebody else might see," she said.

She said reimbursements from chargebacks are paid to CrossCheck and then doled out to its merchants, and that installment repayments of a chargeback would be allotted to a merchant as each payment comes in.

"A lot of companies are offering the remote deposit capture technology, but what they don't incorporate with it is the back-end solution for the merchant on recovering items," Lucas said. "We've pretty much been in business collecting items for over 25 years, so we have a lot of experience and history with how and when to handle collection that we incorporate with this product."

CrossCheck Inc.
707-586-0551
www.cross-check.com

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services