Copyright © 2005 EFT Network, Inc. All Rights Reserved.

EFT@POS

Premier Back Office Electronic Payment Processing Solution

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While NACHA’S Point of Purchase conversion rule allows for some economies,

Point of Purchase conversion falls way short of a total solution for checks

received at the Point of Sale.

NACHA’s Point of Purchase conversion does not: Process all checks at a single point

Allow for consolidated accounting from multiple locations

Eliminate transportation costs for non-consumer checks

Keep check out times to a minimum

Reduce time consuming check handling processes

NACHA’s Point of Purchase requires: Costly scanning equipment for each check out lane

Significant training of Store Personnel

Change in customers routine for paying by check

Current Business Challenges of Point-of-Sale Check Conversion

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Is it possible to do the following:

Replace an expensive imaging scanner at the Point of Sale with an inexpensive rubber stamp

Convert more checks than allowed by NACHA’s POP (Point of Purchase) Program, and still be in compliance with NACHA Rules

Greatly reduce the time it takes to convert all checks at the point of sale, yet process checks electronically

Retain the check and authorization in such a manner that allows for easy retrieval of both with one inquiry

Have a system that virtually eliminates the need to constantly train employees for POS conversion

Is There a Better Solution?

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Wouldn’t it be great to have a better way to process checks electronically

that can:

Eliminate the need for a scanner at every Register Drastically reduce Transaction Fees Accept all types of checks at the Point of Sale Keep check-out times to a minimum Consolidate handling of check items Greatly reduce the Personnel training required Improve funds availability through the faster depositing of checks Be used as a sales tool for Reselling As part of a front-end RCK System for potential clients

Opportunity

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EFT Network’s EFT@POS Solution

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EFT@POS is an entirely new way for Retail owners to process and deposit any type of check at the point-of-sale

  EFT@POS is our high-quality back office electronic payment processing solution that requires only one image scanner per store A combination of robust technology, and fresh evaluation of ACH Rules, the image capture process is now performed in the back office, processing non-consumer payments, using the new Check 21 Act, and processing consumer payments as ACH items, all through a single scanner.

Eliminates the expense and installation of image scanners at every check-out

counter  

The Competitive Edge

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Special Authorization StampThis stamp provides the authorization to process the customers payment for their purchase electronically.

This Authorization is the same type taken for all generic EFT authorizations, the difference is this Authorization takes place at point of sale, and uses the back of the check instead of a separate piece of paper.

Back of Check

Consumer Receipt

The same information is stamped or printed on the sales receipt and handed to the consumer for their notification and records.

Authorization Stamp

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The Special Authorization Stamp can be broken down into 3 sections

Authorization allows the check to be used as source information for the purpose of obtaining the customers bank account information from the MICR line to access the consumers account. In essence we are not using the check as a check, but as the source for information we need. In the same section we are disclosing the type of transaction we intend to perform,

PPD for consumer accounts CCD’s for Corporate accounts Paper Drafts for items we can not clear electronically

Notification notifies the consumer and obtains their authorization for a return transaction fee if the transaction is returned unpaid.

Abides the NACHA rules and Reg. E to describe the manner in which the Company can be notified in the event the Consumer wants to stop the transaction from being processed.

What the Stamp Says and Does

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Submit checks and transfer funds electronically

Convert more checks than allowed by NACHA’s POP (Point-of-Purchase) Program and still be in compliance with NACHA policies

24/7 access to retrieve check images and authorization via our secure website

Real-time verification database (optional) reduces risk of accepting bad checks and collection costs

Upload files to update your in-house accounts receivable system

Key Features

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Technology Behind EFT@POS

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Leveraging EFT’s Patent Pending Check 21

Imaging technology using multiple types ofcheck imaging scanners linked to a Webbased system allows retailers to perform atype of back office conversion.

Stamping the authorization to the back of acheck keeps the check and the authorizationtogether. This greatly simplifies researchrequests.

Images of both sides of the customers checkwith the authorization is captured in a singlepass, in the back office.

Imaging Technology

Digital Check TS - 350

Digital Check TS – 220e

Magtek Imager

EFT Web Hosted Software

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The Consumer presents a completedcheck to the Merchant, who stamps orprints the endorsement stamp on theback of the check authorizing the ACHtransaction.

 

Step – by – Step

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1.1.

2.2. The Consumer signs the authorization forconversion and return fee. The check can Be processed through EFT’s verification System (optional). The Merchant can eitherprint or stamp the authorization verbiageonto the sales receipt and given to theConsumer. 

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Consumer ItemsNon-consumer Items

ACH Network

Step – by – Step

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At the end-of-day, the checks are scanned inthe back office using one of our high-speedimage scanners that easily interface with ourweb hosted software. The checks are

transmitted and processed through the ACH.   

The images of both sides of the source checkwith the authorization is captured at a singlepoint and is processed as one of the followingtransactions: PPD for Consumer accounts CCD’s for Corporate accounts Paper Drafts Check 21 IRD’s for items we cannot clear

electronically

  

3.3.

4.4.

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Step – by – Step

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EFT Network electronically debits funds

from the customers account and deposits

funds in Merchants bank account. Funds are

available within 24 to 48 hours, alleviating a

trip to the bank.

 

5.5.

Upload files into your in house accountsreceivable system.  

6.6.

Consumers Bank Merchants Bank

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EFT Network Software

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Go to your browser and access the

web-site. Log onto www.redeposit.com

Select Customer Login on the left navigation

Web Browser

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Enter your customer information all

in uppercase letters.- File Code- User Name- Password

Select OK

Customer Login

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Welcome Page

Here you can access:

- Transaction cut-off times- Notification of results status- Customer Survey & Daily

Messages

Select EFT@POS System on the left hand screen to get started

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Main Menu

The Main Menu supplies you with all options available in our EFT@POS System

Select Scan Checks to begin processing checks

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Requires one scanner per store, versus multiple scanners

Process all checks electronically

Merchant does not need to sort consumer items from non-consumer items

Minimize the change to consumers’ routine for paying by check

Requires less training that is required for POP

Consolidation of deposits for multiple company locations

Reduce Bank transaction return fees

Database verification reduces risk of accepting bad checks

NSF checks will be reported within three (3) business days

Benefits for, YOU

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EFT@POS, Premier Back Office Electronic Payment Processing Solution

Provides:

Concise, real time reporting available on-line Expedited deposits

Lower transaction fees

Reduces bad debt risk and collection costs

New revenue from mark-up on check processing at POS & return fee to Merchants

No expensive software to buy

Accounting for deposits made easier

24/7 access to stored images

Conclusion

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EFT Network, Inc. is Committed to Providing

Superior, Affordable,

ACH and Check Processing Solutions

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232322

EFT Network, Inc.245 Saw Mill River Road

Hawthorn, NY 10532Tel: 914.747.3222Fax 914.747.7218

www.redeposit.com

Contact:Alex Bacon, Vice President of Sales & Marketing

E-mail: sales@redeposit.com

Getting Started