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FREQUENTLY ASKED QUESTIONSHow
do I know a sale has occurred by using the Internet? How
is a rejected transaction handled? What
is the maximum dollar amount allowed per sale? Can
consumers "chargeback purchases? Will
my bank charge me a fee for Online Check deposits? How
soon can I begin accepting Online Checks? Will
my Customer be returned to my site after the purchase? How
are funds deposited into my account? When
are funds deposited into my account? How
will I be billed for the Online Check service? Will
Online Checks work with my current Shopping Cart? Can I take orders from
Canadian customers? What is a Rolling Reserve? How
much is the discount rate? Is
there a minimum transaction volume or a minimum amount of transactions
required per month? This option may be available to you. Contact us for details. Is it legal? Does
this work with every type of electronic Point of Sale Terminal? Why should I do business with EFT Direct?
EFT Direct has spent considerable amount of time in researching the
leading-edge technologies since 1997. With the solid knowledge of the
most recent technologies and an uncanny ability to understand and forecast
trends, coupled with our vast knowledge of the best suppliers of related
products and services, we are well equipped to act as a one-stop-shop
source to match any company's needs and expectations with appropriate
products and services. | top Is EFT Direct a sales or a consulting company?
EFT Direct acts primarily as a consulting, and secondarily as a sales
organization. We believe that only with a thorough understanding of
our client's business could we utilize our expertise to provide the
most suitable match. Our free consultation is of added value to you.
This is a win-win situation. | top What advantages could I expect? First,
you will save countless hours of doing research just to familiarize
yourself with the myriad of available technologies. Second, you can
also remain anonymous for the entire duration of our preliminary research
of your business needs and beyond. EFT Direct will never reveal your
inquiry to any third party. Third, you will make a more well-informed
and intelligent decision based on the results of our analysis and recommendation(s). | top Why should my business accept checks?More
than 50% of people in the U.S. still prefer to pay by checks. The
proliferation of Debit cards has been steady, yet slow, and not replacing
the check-writing habit. From 1997-1990, Debit card usage grew from
0% to only 4% (Source: BAI). During the same period,
Direct Debit grew by a mere 1%. The main reasons are the high cost
associated with implementing Debit programs, the cost to merchants,
and the general propensity of public to write checks. | top Is Check Conversion a new phenomenon?
Yes. However. Check Conversion has been in use since the year 2000.
Check Conversion is the by-product of market needs. With growing number
of checks written in the U.S., and the increasing cost of accepting
checks due to fraud and recovery expenses, and overall lower transaction
costs, as well as greater cash flow due to earlier availability of funds,
Check Conversion technology offers the most cost-effective means to
accept and process checks, either at the Point-of-Sale or as Post-Sale
Conversion. | top Is Check Conversion legal?
Yes. National Automated
Clearing House Association (NACHA) is the body governing check-writing
transactions. For more info, visit NACHA. Any further question can be
directed to NACHA at (703) 561-3931. | top Is NACHA's Rule on Electronic Check Conversion (ECC) interim or permanent? NACHA
issues all its Rules as Interim. However, its Rule on ECC is considered
permanent and binding. For verification of this point, visit NACHA
or call NACHA at (703)561-3931. | top What are the advantages of using ECC?
Please visit Electronic Conversion.
Also, in some industries there will be no need for check guarantee programs.
This is particularly true where the product or service is not delivered
or rendered, respectively, until a few days after the transaction date.
Auto dealers, real estate/apartment rental agencies, and some mail order
companies are just a few prime beneficiaries of this technology. | top Is Check Conversion a proven method?
Yes. NACHA has put
its stamp of approval on this method and believes that most businesses,
if not all, should employ this service. Also, the vast majority of businesses
do not know anything about Check Conversion yet. So, if you haven't
heard of it, you're not alone. This technology is sweeping the country
by storm. It presents a cost-effective and efficient method for accepting
checks. | top Why should I use Electronic Representment?
If you have a medium to large number of NSF checks and are using a manual
collection agency, you are most likely in need of this service. Electronic
Representment offers a much faster and higher recovery rate. There
will be greater cash flow and savings on labor, among other things.
This method will not fully replace the need for a manual collection
agency. However, there will be less number of checks for these agencies
to recover. | top Should I listen to my manual collection agency?
It depends on the method of collection and recovery speed. Our experience
has shown that Electronic Conversion
and Electronic Representment
are much more effective and less expensive means of accepting and processing
checks, and recovering NSF checks, respectively. Because there will
be far less number of checks for a manual collection agency to collect,
there will be, proportionately, less income for these agencies. Therefore,
these agencies may have the tendency to misinform and misguide their
clients. Survival in this business will depend on the use of new technologies,
in which a manual collection agency may not be interested. | top Should I keep my manual collection agency?
It depends. Your business may not need a manual collection agency at
all if ECC and related services will minimize
greatly or possibly eliminate NSF checks. If not, it's always a good
idea to keep your existing relationship. We recommend that you keep
an open mind and judge the situation only after thorough research. | top Can I outsource our check collection efforts through EFT Direct services?
Absolutely. In most instances, you will be able to outsource most, if
not all, of your company's check recovery to us. We have arrived at
savings of up to $400,000 per month per 100 (one hundred stores)
for larger merchants. Although we treat the identity of these merchants
as confidential, the numbers, nonetheless, speak for themselves. The
aforementioned saving was arrived by recommending Electronic
Representment only. There would be additional substantial
savings if Check Conversion were to be considered as well. | top What is the cost to implement Check Conversion and Electronic Representment?
There is a very nominal application fee and a very low per transaction
cost, which replaces the banks deposit and redeposit fee in the case
of Check Conversion. There is also a very nominal application fee for
Electronic Representment,
which may be waived. All in-store POS material will be provided free
of charge. There is no per-check fee to a merchant for Electronic Representment
since the penalty fee, as allowed by Law, will be debited from the check
writer's account. This practice is legal and has been perceived by customers
as favorable and non-intrusive. For more information, visit Electronic
Representment. | top Will I have to lay off my staff? EFT
Direct does not make such recommendations. We believe that's a decision
to be decided internally within your company. In most instances, however,
check recovery staff can be transferred to other departments. | top I am a large/mass retailer. Could I use Electronic Conversion at the point-of-sale?
Yes. You will have to make an investment in hardware. We have the technological
know-how to provide this service for large retailers. Also, we know
you are concerned about the image of the checks for further collection
processing should they become NSF. | top Can I sign up for Check Services online too?
Yes. You can start accepting and converting checks online within minutes
once you're approved. We can guarantee the checks too, if you wish,
up to $40,000 per check. Please visit Check
Guarantee section. | top I have an apartment rental company. How can I use Electronic Conversion?
Just like any other Post-Sale Conversion
or EFT Program, you will obtain
a one-time signed authorization from your tenants. You will then enter
their bank account information on your desktop ACH software and let
the automated system debit their accounts on a predetermined day. You
will not need their checks to be present. However, you may receive their
checks and process them electronically in-house. You will be able to
use both programs simultaneously. | top We have a large client base to whom we sell our products. Could I use EFT? Yes.
Refer to EFT Program. Why should I use Post-Sale Conversion or EFT instead of using my bank?
Banks do not offer a full array of these services to you. The most some
offer is employee Direct Deposit. You can automate all these transactions
in-house, eliminate the need to process and transport the check for
deposit into the bank, eliminate paperwork, save on labor, get daily
reports electronically, and save on bank deposit and redeposit fees.
Read EFT Program and Post-Sale
Conversion. | top Should I consult my bank? You
may if you wish. However, from experience we know that you will not
get an impartial opinion from your banker. First, not all bankers know
about the new technologies. It is just like many doctors who don't know
the best treatments available. Second, an in-house operation means less
money for the bank. Banks make a substantial amount of their money from
deposit, NSF charges to you, and redeposit fees. The best source of
information is your own research. Do what's in the best interest of
YOUR business. | top Can I process credit cards offline or online with EFT Direct?We
offer Credit Cards Solutions for almost all businesses (some restrictions
may apply), both offline and Online.
Our processors are the largest in the U.S. today. Regardless of the
size of your operation, we can offer you the most competitive rates.
EFT Direct will Beat and/or Meet any competitors offer. | top What should I do next?Visit the rest of our site and study it further. Then give us a call or send a note. Let EFT Direct help you with your needs today. The sooner you Contact Us, the earlier we can put the wheel in motion for your business. All correspondence will be treated as confidential. | top
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