Small Business

How Telecheck Works

Telecheck is a great service for the right business, if you are processing a large amount of credit card volume, checks will also be a part of that mix, being a business owner you owe it to your customers to pay you in many different options. When a customer buys your product or service you want them to hand over a Visa, MasterCard, American Express, Discover, Debit card or paper check. You are in business to make money, and try to never turn away any type of transaction.

The key is to have your customers purchasing experience a positive one that will keep them coming back for more.

Here’s how Telecheck works. The check is entered face up. The dollar amount is keyed in. The terminal dials out to the largest and most accurate check writing data base for an authorization approval number much like a credit card approval number.

The check is placed in faced down and a receipt is generated on the back,a paper receipt is also printed which is signed by the customers. The check is handed back to the customer completely voided out on the front so it can’t be mistakenly re-used which now acts as their receipt for the purchase.

When your business day ends all the check volume dollar amount, all the credit cards and debit transactions are then settled to your bank. Visa, MasterCard, Amex, Discover and debit post 24 to 48 hours not counting weekends, depending on your financial institution. The Telecheck transactions always post to banks in 48 hours.

The machine that processes telecheck transactions is called the Eclipse, It offers a variety of cool functionality like gift cards, loyalty cards, EBT, pin debit just to name a few. These functions greatly depend on your credit card processors ability to offer these other value added products. This machine should truly limit the number of credit terminals you need to carry at the point of sale.

I’ve seen busy convenience stores with gas stations using five or six credit card terminal which is insane, it just ties up valuable counter space. When using the Eclipse I can see using maybe one more terminal at the most. EBT in a lot of states is almost always on a free state provided terminal.

Some of the draw backs I’ve seen with my experience dealing with the Eclipse that it uses a great deal of ink, and paper which can be pricey, but again its just the cost of doing business.

If this machine is eliminating bad checks, It’s well worth the extra expense. A very important tip about the Eclipse be careful where you buy. These machine are very sensitive, and can malfunction very easily try to always buy new. It will save you a great deal of money in the long run.

Most used Eclipses are like in some cases buying a used car unless the previous owner states it was sparingly used, then you should probably be OK, and make sure there’s a very strong return policy or at least a one year or two year warranty.

Everyone has a fascination about the REV Letters on the bottom of the terminal, and rightfully so its very very important to know what REV version your machine is, especially if you are buying new or used. The most recent version is H which was released in mid 2005, REV G min 2004; The majority of the terminals you will find on the market are REV F which will be from 2001 to 2004, REV E 2000, REV D3 2000.

Now most importantly REV’S A-B-C-D are old almost pre-prehistoric run as far as you can from these versions, they will not load the latest program from Telecheck, at this point depending on what you’ve paid you may be out a considerable amount of money or spending time fighting tooth and nail for a refund.

If you buy used always ask the question about the REV letter. The seller will be very impressed with your knowledge of the equipment, and will be kept on there toes while dealing with you,and rightfully so be more inclined to offer you a recent REV version.

Time is money getting the wrong terminal will absolutely delay accepting credit cards and checks at your business, which in most cases for small retailers that I’ve worked with, its there life blood. Externally these older terminals look the same, but may have considerable internal differences like gears and motors which may vary,and the warranty repair will cover only the newer versions.

The Eclipse has a lot of mechanisms that can go bump in the night, make sure you have a good warranty, or working with a good merchant processor that is national, like the big banks that offer credit card processing, but be careful with the banks they are usually more expensive on every aspect of merchant processing, and you can get swept away in the big banks bureaucracy. On many occasions I’ve seen the independent smaller processors give that one on one attention, and replace defective equipment in a 24 hour turn around.

I hope you find this information helpful. I’ve been selling the Eclipse for over 10 years, and have placed hundreds in the market place. I will be posting more information regarding the Eclipse and Telecheck as I place machines out in the field. I get a great deal of feed back from my customer’s. I wish you the very best of look.

If you feel your merchant fees, and rates are to high,and are considering changing your merchant processing company.I would be happy to analyze a current statement,and will show you ways to reduce processing cost and improve cash flow.