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Common Questions about Electronic Check Conversion
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- Does check conversion work like a debit card by verifying funds during the authorization process?
NO. We look at 3 items to authorize a check:
- Negative data (existing bad checks)
- Open/closed accounts
- Valid accounts at the listed bank.
- Does ECT move money into the merchant’s account immediately?
NO.
Funds are posted to the merchant’s account in two banking days. Funds are withdrawn from the check writer’s account at about the same time. This time frame allows consumers to keep a two-day float, which is comparable to most paper check transactions.
- Can ECC be used for cashing payroll checks or other checks for cash?
NO.
No 3rd party checks or check cashing.
- Once a check is approved for ECC, can it ever be charged back to the merchant?
EZCheck guarantee protects merchants from returns for NSF, Account Closed, Unable to Locate, Invalid Signature,
Lost, Stolen, Counterfeit, Fraudulent checks
as long as the merchant follows the required procedures
and meets all warranty requirements.
If a merchant receives a retrieval request notice from EZCheck needing information, they must provide the required information such as authorization slip and invoice to meet warranty requirements.
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