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Electronic Transaction Management

Electronic Transaction Management. Lower Risks Higher Profits Improved Customer Services. The NEED. Ability to accept Credit Cards & Checks for payment of services Prevent Bad Check Losses Increase collections Reduce transaction overhead costs Speed transaction funding. The SOLUTION.

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Electronic Transaction Management

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  1. Electronic Transaction Management • Lower Risks • Higher Profits • Improved Customer Services

  2. The NEED • Ability to accept Credit Cards & Checks for payment of services • Prevent Bad Check Losses • Increase collections • Reduce transaction overhead costs • Speed transaction funding

  3. The SOLUTION • Scanning of checks, debit cards & credit cards at all service counters using MagTek Check & Credit Card Reader / Imager • Automatic verification of checks using Star ATM Network • Automated electronic processing of verified checks and credit cards

  4. The PROCESS BAD CHECKS are denied and returned to Customer Customer visits Client counter for transaction CHECK or CREDIT CARD information is transmitted over the Internet for processing CHECKS are verified by STAR NETWORK and by Negative Database Transaction is Terminated LIMITS LOSS TO CLIENT Image of CHECK or CREDIT CARD information appears on screen Customer presents CHECK or CREDIT CARD for payment Approved CHECKS are converted to Electronic Funds Transaction Agent runs CHECK or CREDIT CARD through MAGTEK Reader/Imager Transaction immediately transmitted to Bank for overnight processing CREDIT CARDS are processed Funds transferred to Bank usually within 24 hours Funds are transferred to the Bank

  5. The PROCESS Transaction is Terminated LIMITS LOSS TO CLIENT Bad Checks are denied and returned to Customer CHECKS are verified by STAR NETWORK and by Negative Database CHECK or CREDIT CARD information is transmitted over the Internet for processing Customer presents CHECK or CREDIT CARD for payment Approved CHECKS are converted to Electronic Funds Transactions for overnight processing – Usually within 24 hours Image of CHECK or CREDIT CARD information appears on screen CREDIT CARDS are processed and funds transferred to the Bank Agent runs CHECK or CREDIT CARD through MAGTEK Reader/Imager

  6. The RESULTS • Better customer service. • Dramatic reduction of bad checks. • Reduced losses from NSF checks. • Negative database to prevent acceptance of checks from customers with unpaid checks. • Improved and expedited cash flow through electronic funds transfers. • Significantly lower operating costs. • Works with your existing bank. • Automatic recollection of NSF returned checks – NSF fees shared with Client

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