Kudos from VeriFone

I'd like to take this opportunity to recognize the quality of in-depth reporting by The Green Sheet for two recent articles covering VeriFone - one in December 2001 and most recently in July 2002.

Lisa Dowling has followed VeriFone since we became independent in July 2001. She conducted extensive interviews with VeriFone CEO Doug Bergeron, our customers and our employees and produced detailed stories that accurately reflected the renewed culture and growth strategy at VeriFone. They really captured the energy and vision of our company.

It is our belief that The Green Sheet speaks for the ISO community. And as the leader in the electronic payment space, VeriFone needs vehicles like yours to reach our audience in a fair and balanced manner.

We appreciate the quality of coverage in The Green Sheet and look forward to working with your editorial team in the future.

Sincerely, Michelle Graff Director, Global Marketing, VeriFone, Inc.

Last Word about Leaving Messages

I was reading back on your May 13, 2002 issue (02:05:01), and the Inspiration piece about leaving messages caught my attention. I know that every time I've left a message, 50% of merchants do call back to either let me know that they are accepting credit cards, or they'll ask me, "What does it cost?" We all know what happens when we hear those magic words! So it does pay to leave messages!

Belinda Rodriguez 1st National Processing

E-check Reversal

Could you lead me to the rules/regulations concerning reversing an e-check? Also, how do you determine if PayPal and eBay's Billpoint use ACH/EFT and fall under these rules? Thank you in advance for your help.

Duane A. Balaban

Duane:

We turned to Michael Gilchrist of the Western Payments Alliance for assistance in answering your inquiry. In publishing The Green Sheet and GSQ, neither the authors nor the publisher are engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

Gilchrist's reply: "For a check converted to an ACH debit entry, the rules for reversing single entries are contained in the 2002 NACHA Operating Rules, section 2.5, Reversing Entries.

"The way to determine if PayPal and eBay's Billpoint use ACH services would be the receipt of the debit to the customer's financial institution as an ACH transaction. This should be easily verifiable by the consumer inquiring of their financial institution whether this charge to their account was an ACH transaction.

"It is possible this entry, called an 'e-check,' was processed through another network (point-of-sale, for instance); if that is the case, the rules of that particular network must be looked to in order to determine what rights of reversal or adjustment may exist. Associate members of the Western Payments Alliance can find out more by calling WesPay's help desk at 415-422-1230."

Good Selling!^SM The Green Sheet Staff