Safe and simple for consumers and businesses, Sage Electronic Check Services moves payments
electronically from your customer’s checking account to your Sage Merchant Account.
This can be done by both Internet merchants (consumer
initiated) and MO/TO merchants (merchant initiated).
This differs from POS check conversion and check lockbox services (please see
check conversion).
Sage Electronic Check Services is a true Automated Clearing House (ACH) product that requires
no double entry or back-end check printing. It works like a paper check, without
the additional costs and time delays. Sage Electronic Check Services processes payments
and displays real-time reports from any Internet enabled PC – providing convenient
access away from the office.
Why Use Sage Electronic Check Services?
Consumers without credit cards can use virtual checks to purchase goods
and services via the Internet or MO/TO.
Checks are the most popular form of payment for both b2b and b2c.
They are a secure payment alternative to credit cards.
Virtual Check, in conjunction with the Sage Gateway, can be integrated
into your accounts receivable system to simplify your reconciliation process.
The reject period is shorter for checks than credit cards.
Recurring virtual check payments lower collection costs for businesses.
System Features and Benefits
More methods to accept payments - phone, mail, Internet, fax or walk-in
Process checks faster while lowering processing cost
Reduce or eliminate invoicing costs
Easy to set up and use - works with your existing bank account
Real-time payment processing from any Internet enabled PC
Funds available in as little as 72 hours and no more trips to the bank
Reduces Internet fraud through real-time customer identification by Equifax
Customers do not need to “register” to use this payment option
Location independent - process payments and access reports anytime, anywhere
Federal Reserve directs the debit and credit process
Money moves from consumer account to merchant account
Federal Reserve Rules Governing Consumer Initiated Transactions
Consumers can only initiate check payments from their own personal or
business bank accounts – no third party initiators!
Consumer identity must be authenticated.
Since 2002, any Internet merchant not properly authenticating consumers
for non-recurring Web transactions will be liable in class action lawsuits
under Federal Regulation E. Sage Electronic Check Services outperforms other virtual
check products by authenticating consumers through unique information (such
as a social security number, date of birth, or driver’s license number)
and verifying the information provided against Equifax, the leading national
information service and an authority on consumer credit issues.
Federal Reserve directs the debit and credit process
Money moves from consumer account to merchant account
Federal Reserve Rules Governing Merchant Initiated Transactions
Merchants must have written authorization from the customer to debit
the customer’s bank account, or
Customer has given the merchant oral authorization to debit his/her
checking account and has either initiated the telephone call or has an existing
relationship with the merchant.
