Hello All, This section of the digital point forum seems rather sophisticated and talks a lot about merchant account providers and third party processing. I am trying to find out more about check by phone processing and check verification. If anyone knows what the going rates are for these services, or more importantly, what I should look for in this type of payment service provider, it is really appreciated. Likewise, if anyone has any recommendations from positive experiences of working with a particular Check by Phone processor that may or may not provide check verification, I would appreciate this as well. Thanks, Dawn
Hello Dawn, Well speaking about Fee, It's kinda hard to say rates , not seeing what type of business, but for sure fee will be higher than normal processing . About what you must know, get information about: Hold , deposit / rolling reserve, fee per transaction, it's a main information that you must know. Af you have any questions in future , Pm me, will gladly help you. Regards,
What sort of products are being sold? Normally if you want full conversion with guarantee the rates are similar to what you would see with a credit card transaction. If you are looking for more of an ACH type system, it's normally a flat rate per transaction, like $.50 - $1.00 but really depends on the type of business, and exactly how the authorization is obtained.
I use MaxMind for my company. Their rates start as $0.20 per call for USA. Here is their pricing page: http://www.maxmind.com/app/phone_rate
I work for a traffic ticket attorney / ticket clinique. When we have clients on the phone, many ask if they can pay over the phone and we do not have this option. Additionally, we have many instances where clients bounce checks which is why I am looking for check verification also. Is there a difference between the aforementioned ACH and Check by Phone? Also, are there set-up fee's for either of these payment types and would you know how long it typically takes to get approved? Thanks, Dawn
Check verification - verify the existence of the account, its current status and if it has funds available as of the previous nights closing. (if you're worried about whether the check is good, this service may not be good enough) Guaranteed ACH Processing is like getting ACH and Check Guarantee in one great product because it allows your company to accept and guarantee a payment directly over the phone. This completely eliminates any returns. You key enter the info via a secure web page (virtual terminal) while on the phone. Set up fees range from $0 to $150 depending on the account size, as measured by number of checks per month. Pricing is based on volume and risk. Since there is no prior check history, it may take 3-5 business days for approval instead of 1 or 2. We have muitiple payment solutions to improve EBITDA for law firms, including a web pay page you can push clients to, and software to record client billable hours direct from a mobile phone. Send me a PM or visit our web site for more info. http://3dmerchant.com/merchant-specialties/legal-billing.php Christine