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GUARANTEE ON PHARMACY CHECKS

A program which gives guarantee of payment on your electronic checks is called check guarantee. It is like an insurance policy that is issued to the merchant account holders. Some amount of fee is charged to the merchant while he/she exchanges the checks in the bank that has been returned by the customer. It is applicable on all types of checks. The bank lends a helping hand to the customers regarding their confusions. There is no risk involved in the bank for not accepting checks. The bank accepts checks and charges commission as well as makes keeps records of the returned checks. The credit card processing and acceptance costs as well the cost for this check guarantee system is similar. Due to the vital competition among the banks, some of them offer at a much lower price. The merchant account provider may be of great help for any type of queries and clarifications, if needed.

Every check which is accepted by a merchant is processed as well as verified through the payment gateways systems. A merchant can easily scan out whether the check bearer has any exceptional unpaid balances or credit history or not. A check reader is used to verify the checks by running it in the electronic terminals but it is also done by just putting in the information of the checks and about the check writer. The check guarantee company issues an approval only if the terminal shows that the bearer or the check writer has no outstanding balances in the existing system. Sometimes an authorisation number is also provided by the company stating that payment has been already guaranteed for the existing check. A merchant needs to collect the customers’ detail that uses checks to make payments. Certain information like passport, address proof and phone numbers are required as a record for the database of the merchant about the customers.

Guarantee on check is into existence for a long time. The merchant are imposed discount fees on all checks that they accept when they go for bill discounting in the bank. There are certain rules and regulations set up by the Check Processor Acceptance System (CPAS). 1.50 percent on the check value is charged to the merchants for exchanging the returned checks and also for discounting of bills. The banks have a team of technical experts who are always ready to help the customers in whichever way it is possible. They do not charge any amount of money for the services. A transaction fee of value $0.15 to $0.35 is charged as an extra service charge. In merchant accounts like retail merchant account, a monthly charge is fixed for all the transaction that has been carried out during the month. While the retail account check processing is processed, a statement fees is also charged.

There is also another term for check guarantee which is called check guarantee with conversion. It not only guarantees the payment but it also converts the checks into electronic funds. The funds wil be directly deposited into the checking account automatically. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.