ECHO to Provide Visa Point-of-Sale Check Service to Moneris Solutions

Friday 7 May 2004 11:16 CET | News

Electronic Clearing House (ECHO) has signed a contract with Moneris Solutions to provide the Visa Point-of-Sale (POS) Check Service to Moneris customers.

ECHO is one of only two third-party processors and one of five acquiring processors authorized for Visas POS Check Service. Under the agreement, Moneris will have an exclusive right to sell the Visa POS check product to its U.S.-based merchants, which constitute a portion of its total North American merchant base. Visa POS provides Moneris merchants with the ability to receive immediate online authorization for paper checks, converting them into electronic transactions at the point of sale and, for checks written on banks that have connected to the Visa POS program, verifies that funds are available in the check writers account. When checks are written on a non-participating bank, ECHO will provide the verification or guarantee decision as a third-party authorization service, using the Companys National Check Network (NCN) database. The merchant can then hand the check back to the customer at the point of sale, significantly reducing the check-handling costs. Unlike most competitive offerings, the Visa POS Check Service offers various levels of service to help merchants reduce fraud, including: conversion only, conversion with verification, and conversion with guarantee.

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Categories: Payments & Commerce | Payments General
Countries: World
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