The TeleCheck® Cheque Warranty Service allows merchants to process cheques at the point-of-sale using TeleCheck’s proprietary risk management tools to minimize returned cheques while offering consumers their payment method of choice.
When customers bring out a chequebook, merchants should feel confident in accepting their payment. In the past, cheque authorization was more of a guessing game than a science, and merchants had to choose between the loss of a returned cheque and the loss of a sale. You shouldn’t have to turn away business just because a customer wants to write a cheque. But at the same time, you need to minimize your risks. What are the chances that the cheque is fraudulent? What are the chances that the cheque will be returned due to inadequate funds in the account? How do you educate employees to make that determination?
With the TeleCheck® Cheque Warranty Service, you have a high degree of confidence in knowing whether a cheque will be returned or not, making your decision to accept or deny a cheque much easier. We are the largest cheque management company in the industry, and have a number of services that can help you to sensibly manage your cheque business. We will provide you with the fastest, easiest and most effective cheque authorization process available. You will benefit from increased sales and higher customer satisfaction because of TeleCheck’s unique Risk Management System and the resulting high approval rate – the highest and most accurate approval rate in the industry.
Here’s How it Works
TeleCheck uses cheque-writer negative and activity databases and other proprietary risk management tools to determine the risk of accepting a cheque. TeleCheck automatically warrants any cheque it approves up to the established warranty maximum, provided all of TeleCheck’s simple procedures have been followed. And, TeleCheck’s reimbursement period for cheques is short. Merchants may be reimbursed as quickly as seven days after the cheque has been received by TeleCheck with Automatic Debit settlement of monthly billing.
Help Your Business
- Accept low-numbered, out-of-town, and even out-of-province paper cheques with more confidence
- Approve cheques that were once considered to be too risky
- Process cheques quickly and easily
- Minimize collection costs
Help Your Customers
- Purchase goods or services with the payment option that they prefer to use
- Reduce the likelihood of identity theft
- Manage record-keeping and easily balance their chequeing account
- Comprehensive, industry-leading set of risk management tools
- Extensive cheque-writer negative and activity databases
- Risk-scoring techniques and tools
- Flexible application based on merchant needs