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11-09-2002

Well I hope you're not calling me ignorant! <_<

But I'll put that aside, my question to you would be, in that case:

How does telecheck GUARANTEE funds!

Quote from their site (this is from the internet services page not their terminals):

"It’s guaranteed - No more returned checks. TeleCheck assures payment on all warranted transactions. We handle the fraud screening, risk management and related customer service."

One big plus is of course, they're First Data (the Wizard of Oz behind the curtain), but I don't see ACHDebit offering to take a $40 hit for the 10-20+ percent of transactions which result in refunds/revokes through the average check processor on the internet.

I don't know how their internet terminal works because we haven't set it up on our sites yet (we will, I shall report findings when complete) but since their terminals simply slide a check and report findings in a matter of seconds to a retail store, it's fair to guess that they don't have crazy pincode systems for internet acceptance. My guess is they're just tied into all the big networks and they have access to your bank records (?) so they know and can verify funds regardless. Please feel free to enlighten me.

C.

11-09-2002	#29
Cal Guest Posts: n/a	Well I hope you're not calling me ignorant! <_< But I'll put that aside, my question to you would be, in that case: How does telecheck GUARANTEE funds! Quote from their site (this is from the internet services page not their terminals): "It’s guaranteed - No more returned checks. TeleCheck assures payment on all warranted transactions. We handle the fraud screening, risk management and related customer service." One big plus is of course, they're First Data (the Wizard of Oz behind the curtain), but I don't see ACHDebit offering to take a $40 hit for the 10-20+ percent of transactions which result in refunds/revokes through the average check processor on the internet. I don't know how their internet terminal works because we haven't set it up on our sites yet (we will, I shall report findings when complete) but since their terminals simply slide a check and report findings in a matter of seconds to a retail store, it's fair to guess that they don't have crazy pincode systems for internet acceptance. My guess is they're just tied into all the big networks and they have access to your bank records (?) so they know and can verify funds regardless. Please feel free to enlighten me. C.