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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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: [email protected]
Getting Started