Welcome to CheckSavers™ - ACH and eCheck Processing

CheckSavers
CheckSavers Merchant Services
CheckSavers - for the merchant...

The most popular payment method for online transactions presently is Credit Cards even though this system has inherent problems of security and fraud. However, approximately 80 million US consumers do not even possess a credit card, which means that online businesses lose millions of dollars in lost sales every year because quite simply, they are unable to do business with this huge section of the consumer marketplace. In the US, the preferred non cash payment method is still the Check, demonstrating that people prefer to pay by check over credit and debit cards.

Up to now, the problem has been that online businesses have had no real alternative to offer the consumer, as credit card payment has always been considered to be the norm and simplest solution. CheckSavers is redefining all of the rules.

Why CheckSavers makes perfect sense for merchants..

  • 1

    Any return for NSF not settled by the account holder within 30 days immediately attracts up to 3x the value of transaction, and becomes immediately collectable.

  • 2

    CheckSavers provides images of all returned items independent of the Merchant's bank.

  • 3

    CheckSavers processes highly favor the merchant, and significantly reduces overhea

  • 4

    No reserve or security required on 99.9% of accounts.

  • 5

    Merchants can forecast operating costs of their business. Accounting modules provided in gateway

  • 6

    Returns are only possible for insufficient funds (NSF) or fraud.

  • 7

    Full reporting gateway English (with Spanish coming soon).

  • 8

    No Chargebacks

  • 9

    Low rates

  • 10

    Fast Settlement times, usually 0-1 days.

  • 11

    This is NOT another ACH Solution

  • 12

    Government agencies have already signed up to this service - endorsing the validity of this product.

  • 13

    CheckSavers accesses 15% more consumer accounts and up to 80% more business accounts than any other check processing model meaning access to a greater client base.

  • 14

    More customers, more sales. Anyone who has any kind of bank account in the USA can use CheckSavers to make payment.

Why CheckSavers?
What is the Difference...

How much thought have you ever really given to credit card payment schemes and what do they really mean to a merchant?

Clearly there are benefits to merchants who accept the multitude of different cards types in the course of their day to day business. With the covnveniences afforded by that small piece of ready to use plastic, can there possibly be any downside? Lets explore the the real nature of credit card schemes...

The upsides:

  • 1

    You believe that credit cards are the largest non-cash payment method currently utilized today.

  • 2

    Card holders can gain points or rewards on their cards which encourages them to spend spend spend.

     

  • 3

    There are facilities which allow for all manner of payment environments, both card present and card not present - clearly this product is versatile.

  • 4

    There is an abundance of different providers to choose from, and so you can be assured of competitive rates.

  • 5

    The card holder does not have to clear their credit card debt until the end of the month, unless they have a minimum repayment model which allows them greater time to repay.

  • 6

    Payment appears to be quite rapid with merchants getting their funds within a very short period.

  • 7

    Any business worth its salt has a merchant account accepting all credit cards.

  • 8

    Immediate authorization codes means that the merchant is guaranteed to get their money.

  • 9

    Many people carry credit cards and enjoy the convenience of having them to hand. This is clearly a winner for merchants.

However, did you know as a merchant you are the one who gets penalized almost exclusively, and here is how they do it:

A merchant is only guaranteed their funds IF the client does not charge back the transaction. Clients chargeback for many different reasons, from being unhappy with the service, to simply not recognizing the transaction on their statement. They can do for typically up to 6 months, but as many as two years!
Banks make it all too easy now for clients to dispute a transaction and then you the merchant has to fight to prove the transaction was legitimate and that the money is rightfully yours. All the time, the funds sit in the client's account and not yours!
Although the payment appears rapid, you will see that in reality, cleared funds are not available for several days.
You feel that you may get a fair 'discount' rate - maybe 1.9%, for example. Did you know that this rate only applies to those transactions which 'qualify' for this rate? In fact only about 5% of all cards will attract the rate at the top of your agreement - all the others will be 'mid' or 'non' qualified and therefore you can expect to pay as much as 4% in some cases. This is a fact. There are 86 pages of different card types in the USA today. Corporate cards, business cards, rewards cards . . be wary of them because these are the ones that cost you.
As a business taking credit cards, you cannot forecast your budget, because you simply have no idea what your fees are going to be each month. It's simply impossible.
1

Merchant website or Call Center captures transaction data.

2

CheckSavers receives data and generates X9.37 image (RCC).

3

Federal Reserve receives aggregate batch then debits account holder′s bank and credits Merchant′s bank.

4

Cleared funds available in 0 - 1 days.

How does it work?
About CheckSavers

In Just 5 Simple Steps

5

CheckSavers debits merchant′s account for acquiring charges 48 hours after initial presentation of transaction.

6

Merchant′s Bank

Integration Methods

Both XML API and Virtual Terminal available.
Simple HTML single webpage script available.
OS Commerce module.

Refund Options

Merchant can make their own refund / rebate arrangements or Check Savers can provide this service through our secure check production center. It works with any bank in the USA. API function as well as manual.

Merchants can batch upload all out-going payments which will be dispatched in physical check format on highest security check stock. Auto Email notification of refund to clients so they know when a refund has been dispatched.
A Typical Schematic for Larger Companies
Useful Information
A Typical Schematic for Larger Companies
How much does it cost?
About CheckSavers     

The model is priced as follows...

1

Competitively priced transaction and discount rates to save you money.

2

NO charges for declines.

3

Fraud scrubbing (includes Star ATM, negative check writers database, check current open status of account, check positive balance) -
    From $0.15 this is priced at cost and therefore is not negotiable.
    This service is optional.

4

Returns typically cost $15.00, made up of:
- Bank's direct cost (not CheckSavers).
    - CheckSavers processing fee of $3.00.

5

Check Savers offers a FREE collection service paying 75% or more of the face value of the check to merchant upon collection.

6

Transaction payment guarantee is available these are charged at a discount rate to be determined on a case by case basis. See next column.

7

CheckSavers debits merchant’s account for acquiring charges 48 hours after initial presentation of transaction.

8

Refunds cost are low. The CheckSavers refund mechanism is robust and can also be used as a bill pay tool.

Payment Guarantee

  • 1

    We have found that taking the pain away from unscrupulous clients making chargebacks or writing bad checks is what our clients wanted, and so we are proud to bring you this very effective and valuable service.

  • 2

    This means, even if there is NO money in their account, you STILL get paid. And what's more, you don't have to do anything to get this money.

  • 3

    As long as we reveal the check writer to have no bad history, we will underwrite that check, and then no matter what happens, you will get your money.

  • 4

    This service will check your client's bank account to assess if the person is a known bad check writer. If the system reveals your client has a history of writing bad checks, then we won't even allow you to take payment from them, so that you don get stuck with a bad payment.

  • 5

    For a small additional fee, we can guarantee that you will get your money.

  • 6

    CheckSavers now provides a payment guarantee service.

System Features
Making a check payment through CheckSavers
  • 1
    Importing Data from QuickBooks

    Simplify the setting up of your account by importing data from QuickBooks.

  • 2
    Adding Payees

    Add an individual or a company as a one-time Payee or to schedule multiple payments.

  • 3
    Adding Bank Accounts

    Add your bank accounts to your profile so money goes from the account you specify saving you moving money around.

  • 4
    Making payments

    Make single or recurring scheduled payments, or Cancel pending payments.

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CheckSavers vs Other Brands
Comparison Products
Check Services CheckSavers TeleCheck ECheck.net PayPal
Processing Method Check 21 ACH ACH ACH
Funds Deposited o - 1 days 3 - 7 days 3 - 7 days 3 - 7 days
Administrative Returns
Chargebacks Limited
Business Checks
Accepted by all US Banks
Customer Data Verify
Limited
Optional/Limited
New user Instant Credit
Optional
Integrated Collections
Optional
Payment Guarantee Optional
Optional/Limited
Governing UCC NACHA NACHA NACHA
Note: Additionally, CheckSavers works with 15% more checking accounts than ACH, and up to 80% more Business accounts than ACH.
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Payment Scheme Comparisons
Comparison Products
Payment Schemes CheckSavers Nacha VISA
Collections
Online
Difficult
Project Acquiring Costs
No Chargeback Fines
No Account Termination
Minimal Chargeback Risk
Full Payment Guarantee
*
Funds Deposited 0 - 1 days 3 - 7 days 1 - 4 days
Returns Period 30 days 180 days 2 years
Returns Supports Merchant Consumer Consumer
Governing UCC NACHA Scheme Rules
Returns Paperwork CheckSavers Merchant Merchant
Connectivity Benefits Direct to Federal Reserve Bank and ACH 2 banks and card scheme networks
Returns Supplied in Less than 60 days** Up to 180 days Up to 2 years

Note: *Optional
Note: **98.97% of all returns occur within 60 days. Stats from 2009 to May 2016.

The Benefits for you
Payments like a credit card but with none of the drawbacks!

What Check Savers can offer your business

  • 1
    Only some of the numerous benefits...
    Customer Reach

    CheckSavers can debit every US checking account - in some cases even those accounts that ACH cannot debit. Such accounts include accounts at many Credit Unions, S&Ls, Small Banks, Brokerage Accounts, Business Accounts and Credit Card Check Accounts. In fact, CheckSavers will give you access to more customers than any other single payment method.

  • 2
    Only some of the numerous benefits...
    Limited Chargeback

    One of the biggest problems with Credit Card usage is fraudulent use where a customer denies ever receiving goods or placing the order. With CheckSavers, customers cannot simply chargeback, so merchants can be much more confident about sales

     

  • 3
    Only some of the numerous benefits...
    Improved Cash Flow - Cleared Funds in 2 days

    Want money from your sales faster? CheckSavers provides the cleared funds within 24-48 hours in your account. With faster clearing and availability, the merchant's risk is reduced and cash flow is improved.

  • 4
    Only some of the numerous benefits...
    Extensive Fraud Checks

    CheckSavers incorporates extensive fraud control tools including identity validation, funds verification and payment guarantee for every transaction.

  • 5
    Only some of the numerous benefits...
    Reduced Risk

    CheckSavers payment items are created, file formatted and submitted in near "real time". Check image files clear much faster than ACH eCheck transactions. With faster clearing, the merchants risk is reduced.

  • 6
    Only some of the numerous benefits...
    Significant savings on every transaction

    CheckSavers saves you money on every transaction - significant savings with lower per transaction discount rates starting from as little as 0.2%. Some transaction carry a per transaction fee only*

    * Certain industries carry a per transaction fee only due to the mandated cost of acquiring being passed onto consumers - E.G. Government Taxation bodies (DMV, etc).

Who's using CheckSavers?
Useful Information

Top uses for CheckSavers Business

Paying Employees' salary (paycheck)
Businesses to Business Payments, including paying your suppliers and service providers
Scheduled payment of Insurances
Scheduled payment of Professional memberships and other subscriptions
Scheduled payment of Professional memberships and other subscriptions
Payment for Professional Business Services - Lawyers, Accountants
Airline Ticket Payment
Hotel Bills
One off Payments for large purchases
Payment of taxes

Top uses for CheckSavers Personal

  • 1

    "Other" Payment to other individuals

  • 2

    Payment of Taxes

  • 3

    Payment to private sellers for your Ebay Purchase

  • 4

    Payment for purchase of White Goods and other Retail goods.

     

  • 5

    Payment to Business for services or product purchase 

     

  • 6

    Scheduled payments for subscriptions and  memberships

  • 7

    Scheduled Payments - including Education Fees for your children, insurances, rent, loan repayments ...

  • 8

    Bill payment

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