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CrossCheck
Adds Check Conversion
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CrossCheck,
Inc., has added an electronic check conversion program to its list of
merchant offerings. The new program, called Guaranteed Electronic Check
Conversion, is the result of an alliance with BankServ, a nationwide
provider of electronic check processing. “We
wanted to be able to offer our merchants every check acceptance option
they might want. This new program from BankServ fits the bill for a solid,
technology-backed conversion program,” stated J. David Siembieda,
Executive Vice President of Sales and Marketing at CrossCheck. “With
this guaranteed electronic check conversion offering and the Internet
Check programs we’ve had in place since 1997, we feel ready and able to
take checks into the 21st
century.” As
many Green Sheet readers know, check conversion at the point-of-sale
electronically converts a paper check into an electronic item which is
then processed for payment through an automated clearing house (ACH).
After a consumer authorizes the merchant to convert their check, it is
scanned through a device that reads the magnetic ink imprint and the
check’s authenticity is verified by use of several databases. The check
data is then electronically transmitted to BankServ’s data center where
it is converted into an electronic funds transfer (EFT). This process
benefits retailers by allowing them to consolidate their cash functions,
lowers handling costs and bank fees, reduces fraud, and speeds up the
delivery of check processing. CrossCheck has added check guarantee
features that cover check items returned for a variety of reasons,
including non-sufficient funds. BankServ,
a privately held company headquartered in San Francisco, is the nation’s
largest independent processor of electronic check conversion transactions
at the point-of-sale. BankServ was one of the first companies to offer
merchants a fully integrated system for converting checks into EFTs. More
information about BankServ can be found online at http://www.bankserv-usa.com/.
CrossCheck,
Inc., of Rohnert Park, California, was founded in 1983 and provides
payment guarantee solutions to over 29,000 merchants across the country
and handled more than $6.5 billion in guaranteed transactions in 1999.
With more than 16 years experience, their goal has been to provide their
merchant customers with increased profitability while reducing their
financial risk. For more information, visit their web site at http://www.cross-check.com/.
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