Thousand Oaks, CA (PRWEB) October 8, 2008
The current economic downturn is saddling veterinary practices with an increasing number of bad checks. When veterinarians need to be tending to sick and injured pets, they are instead spending hours each week sorting through bounced checks, expensive bank fees, and -- in some cases -- legal action.
The payment processing industry has noticed and is coming to the rescue with instant, on-the-spot verification for checks. A veterinary practice can run a customer's check through the new TeleCheck ECA Warranty Service to find out immediately if the customer is listed in a database of individuals who have bounced checks.
TeleCheck ECA service is offered by PaymentMax, a leading provider of merchant payment processing services.
"Veterinary practices are dealing with rising costs, expensive medical equipment, and increased service demands. They need a simple and effective way to determine if they should accept a customer's check," said Tony Shap, PaymentMax CEO.
Here's how the TeleCheck ECA Warranty Service works:
At the point of sale, the check writer's identification and check information are submitted to the TeleCheck database through an ECA-compatible terminal. The transaction is approved or declined by TeleCheck.
If approved by TeleCheck, the check can be processed electronically and a receipt prints for the customer to sign. If electronic check processing is not available, the check is processed under the Paper Warranty program.
The merchant is funded for all approved electronic checks within one to two banking business days.
If the ECA transaction does not clear the bank, it returns to TeleCheck instead of the merchant. Check writer and transaction information are added to the negative database, and any linked transactions are subsequently declined by TeleCheck.
"Our new TeleCheck system is rapidly gaining popularity with veterinarians. It's quick, easy, and very cost-effective," Shap said.
PaymentMax offers a comprehensive line of payment processing solutions for businesses. Their most popular services are credit card, debit card, contactless payments, and check acceptance.
PaymentMax delivers businesses' credit and debit card funds directly into the merchant's existing bank account the next day -- or in as little as 12 hours.
Get complete details on PaymentMax's full line of payment processing options including TeleCheck ECA Warranty Service at http://www.paymentmax.com.
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