How to Use Telecheck in My Business
- 1). Install a credit machine at your business because TeleCheck uses the same system to cash checks electronically. Open a merchant account with TeleCheck Electronic Check Acceptance, or ECA, service. Once that is done, customers can start using checks at your business.
- 2). Accept low numbered checks, whether out of town or out of state, TeleCheck can process it. The money is deposited directly into your account within two business days, much like accepting credit cards.
- 3). Swipe the check through your credit card machine to process it. The check is authorized through a secure TeleCheck system that links to banking data. The machine prints a receipt when the check is approved which is signed by the customer.
- 4). Give the check back to the customer once the transaction is complete. TeleCheck electronically presents the transaction to the check writer's bank for settlement and the money is automatically deposited into your bank account.
- 5). Double-check your bank account to ensure the money is there. As with any banking system, mistakes can happen sometimes. If the check has problems after it goes through at the point of sale, TeleCheck still deposits the money in your account.
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