News

Cole National Rolls Out POS Check Service from ECHO and Fifth Third Bank Processing Solutions

Tuesday 18 May 2004 10:02 CET | News

Electronic Clearing House (ECHO), has entered into a merchant solution partnership with Fifth Third Bank Processing Solutions, in which ECHO will provide the third-party processing for Fifth Thirds POS Check Service. Cole National Corporations Pearle Vision stores is the first client using this solution.The POS Check Service enables merchants to automatically convert paper checks to electronic entries at the point of sale, dramatically reducing processing costs. Checks are verified and settled against the consumer’s checking account at a participating Visa member bank, or by ECHO’s third-party processing, essentially turning paper checks into electronic debit transactions. Merchants are able to receive check authorization within seconds, and then hand the voided check back to the customer. As a result, the POS Check Service provides merchants with all the convenience of a credit card transaction at a fraction of the cost.

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Categories: Payments & Commerce | Payments General
Countries: World
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