Check Processing
We are living in the electronic age, yet hand-written checks remain popular with
consumers. Businesses can leverage technology to reduce risks associated with accepting
checks and, at the same time, potentially reduce costs and improve cash flow.
Compass offers two primary forms of check processing: verification and
conversion. Either method may include check guarantee.
Check verification means that the check service consults their current list of high-risk
check writers to verify that the writer of the current check is not listed. Check
guarantee means that the check service guarantees payment for checks that it approves.
Check conversion involves obtaining an authorization on an account number and submitting
that record for funding at the end of the day. It uses the ACH network to electronically
debit the customer's bank account.
Supported Processors
Compass Check Processing supports Check Verification through:
- Certegy
- FDMS Telecheck
- Global Payments / NDC
- NOVA
- Paymentech Salem
Check Conversion is supported through:
|