TeleCheck strives to offer a level of service that you can’t get anywhere else. For 50 years, TeleCheck has delivered industry-leading check acceptance, check processing and risk analytics services to merchants and financial institutions. They protect thousands of businesses and financial institutions from check-related losses and fraud. Fraud and identify theft are some of the fastest growing crimes in America. Telecheck enables merchants to confidently accept checks from consumers safely and securely. This means that whether purchases occur in store, online or over the phone, consumers are safeguarded from unwarranted or unlawful use of their checking account information.
1. Can all checks be converted by the TeleCheck® ECA® service?
No. Traveler’s checks, money orders or non-Demand Deposit Account (DDA) checks cannot be processed by the TeleCheck ECA service. In addition, some business checks cannot be accepted.
2. How will the TeleCheck ECA service affect the consumer?
The TeleCheck ECA service benefits the consumer by returning their paper check to them immediately—and the private information contained on the check. Your check-writing consumers will generally still have the same amount of time before their check is presented to their bank (about two days). The electronic transaction will appear on their bank statement, with the date the check cleared, the check number, the amount and the place where the check was presented.
3. Does the consumer have to sign the TeleCheck ECA receipt?
Yes, signing a TeleCheck ECA receipt is the same as signing a credit card slip. The consumer’s signature is what authorizes TeleCheck to present the check electronically to the consumer’s bank so the money can be transferred to the business account. TeleCheck ECA receipts must be retained by the business for two years.
5. What do I do with checks that are not converted by the TeleCheck ECA service?
Follow all regular TeleCheck warranty requirements and keep the check for bank deposit.
6. How often should I close my TeleCheck ECA batch?
It is important that you close your TeleCheck ECA batch at least once a day. TeleCheck cannot send you the funds from TeleCheck ECA transactions until we receive a batch.
7. How fast will I receive my money?
You will receive funds in your bank account typically within two business days from when you close a batch.
8. What is a chargeback and what happens when it occurs?
In the case of electronic payment processing, check writers have 60 days to claim a transaction as an unauthorized charge. If a transaction is claimed as unauthorized, TeleCheck will research the dispute and attempt to resolve it with the check-writer’s bank. In doing so, TeleCheck may request a copy of the signed TeleCheck ECA receipt from you.