Transcript Cover Slide

EFT@POS
Premier Back Office Electronic Payment Processing Solution
Copyright © 2005 EFT Network, Inc. All Rights Reserved.
Current Business Challenges of
Point-of-Sale Check Conversion
While NACHA’S Point of Purchase conversion rule allows for some economies,
Point of Purchase conversion falls way short of a total solution for checks
received at the Point of Sale.
NACHA’s Point of Purchase conversion does not:
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Process all checks at a single point
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Allow for consolidated accounting from multiple locations
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Eliminate transportation costs for non-consumer checks
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Keep check out times to a minimum
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Reduce time consuming check handling processes
NACHA’s Point of Purchase requires:
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Costly scanning equipment for each check out lane
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Significant training of Store Personnel
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Change in customers routine for paying by check
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Is There a Better Solution?
Is it possible to do the following:
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Replace an expensive imaging scanner at the Point of Sale with an
inexpensive rubber stamp
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Convert more checks than allowed by NACHA’s POP (Point of Purchase)
Program, and still be in compliance with NACHA Rules
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Greatly reduce the time it takes to convert all checks at the point of sale,
yet process checks electronically
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Retain the check and authorization in such a manner that allows for easy
retrieval of both with one inquiry
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Have a system that virtually eliminates the need to constantly train
employees for POS conversion
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Opportunity
Wouldn’t it be great to have a better way to process checks electronically
that can:
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Eliminate the need for a scanner at every Register
Drastically reduce Transaction Fees
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Accept all types of checks at the Point of Sale
Keep check-out times to a minimum
Consolidate handling of check items
Greatly reduce the Personnel training required
Improve funds availability through the faster depositing of checks
Be used as a sales tool for Reselling
As part of a front-end RCK System for potential clients
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EFT Network’s
EFT@POS Solution
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The Competitive Edge
EFT@POS is an entirely new way for Retail owners to process and deposit any
type of check at the point-of-sale
 EFT@POS is our high-quality back office electronic payment processing
solution that requires only one image scanner per store
 A combination of robust technology, and fresh evaluation of ACH Rules, the
image capture process is now performed in the back office, processing
non-consumer payments, using the new Check 21 Act, and processing
consumer payments as ACH items, all through a single scanner.
 Eliminates the expense and installation of image scanners at every check-out
counter
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Authorization Stamp
Special Authorization Stamp
This stamp provides the authorization to process the
customers payment for their purchase electronically.
This Authorization is the same type taken for all
generic EFT authorizations, the difference is this
Authorization takes place at point of sale, and uses
the back of the check instead of a separate piece of
paper.
Consumer Receipt
The same information is stamped or printed on the
sales receipt and handed to the consumer for their
notification and records.
Back of Check
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What the Stamp Says and Does
The Special Authorization Stamp can be
broken down into 3 sections
Authorization allows the check to be used as source
information for the purpose of obtaining the customers bank
account information from the MICR line to access the consumers
account. In essence we are not using the check as a check, but
as the source for information we need. In the same section we
are disclosing the type of transaction we intend to perform,
 PPD for consumer accounts
 CCD’s for Corporate accounts
 Paper Drafts for items we can not clear electronically
Notification notifies the consumer and obtains their
authorization for a return transaction fee if the transaction is
returned unpaid.
Abides the NACHA rules and Reg. E to describe the
manner in which the Company can be notified in the event the
Consumer wants to stop the transaction from being processed.
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Key Features
 Submit checks and transfer funds electronically
 Convert more checks than allowed by NACHA’s POP (Pointof-Purchase) Program and still be in compliance with NACHA
policies
 24/7 access to retrieve check images and authorization via our
secure website
 Real-time verification database (optional) reduces risk of
accepting bad checks and collection costs
 Upload files to update your in-house accounts receivable
system
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Technology Behind EFT@POS
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Imaging Technology
Digital Check
TS - 350
Leveraging EFT’s Patent Pending Check 21
Imaging technology using multiple types of
check imaging scanners linked to a Web
based system allows retailers to perform a
type of back office conversion.
Stamping the authorization to the back of a
check keeps the check and the authorization
together. This greatly simplifies research
requests.
Images of both sides of the customers check
with the authorization is captured in a single
pass, in the back office.
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Digital Check
TS – 220e
Magtek Imager
EFT Web Hosted
Software
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Step – by – Step
1.
The Consumer presents a completed
check to the Merchant, who stamps or
prints the endorsement stamp on the
back of the check authorizing the ACH
transaction.
2.
The Consumer signs the authorization for
conversion and return fee. The check can
Be processed through EFT’s verification
System (optional). The Merchant can either
print or stamp the authorization verbiage
onto the sales receipt and given to the
Consumer.
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Step – by – Step
3.
At the end-of-day, the checks are scanned in
the back office using one of our high-speed
image scanners that easily interface with our
web hosted software. The checks are
transmitted and processed through the ACH.
4.
The images of both sides of the source check
with the authorization is captured at a single
point and is processed as one of the following
transactions:
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ACH
Network
Non-consumer Items
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Consumer Items
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PPD for Consumer accounts
CCD’s for Corporate accounts
Paper Drafts
Check 21 IRD’s for items we cannot clear
electronically
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Step – by – Step
5. EFT Network electronically debits funds
from the customers account and deposits
funds in Merchants bank account. Funds are
available within 24 to 48 hours, alleviating a
trip to the bank.
Consumers
Bank
Merchants Bank
6.
Upload files into your in house accounts
receivable system.
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EFT Network Software
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Web Browser
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Go to your browser and access the
web-site.
Log onto www.redeposit.com
Select Customer Login on the left
navigation
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Customer Login
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Enter your customer information all
in uppercase letters.
- File Code
- User Name
- Password
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Select OK
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Welcome Page
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Here you can access:
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Transaction cut-off times
Notification of results status
Customer Survey & Daily
Messages
Select EFT@POS System on
the left hand screen to get
started
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Main Menu
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The Main Menu supplies you
with all options available in our
EFT@POS System
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Select Scan Checks to begin
processing checks
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Benefits for, YOU
 Requires one scanner per store, versus multiple scanners
 Process all checks electronically
 Merchant does not need to sort consumer items from non-consumer
items
 Minimize the change to consumers’ routine for paying by check
 Requires less training that is required for POP
 Consolidation of deposits for multiple company locations
 Reduce Bank transaction return fees
 Database verification reduces risk of accepting bad checks
 NSF checks will be reported within three (3) business days
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Conclusion
EFT@POS, Premier Back Office Electronic Payment Processing Solution
Provides:
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Concise, real time reporting available on-line
Expedited deposits
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Lower transaction fees
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Reduces bad debt risk and collection costs
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New revenue from mark-up on check processing at POS & return fee to
Merchants
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No expensive software to buy
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Accounting for deposits made easier
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24/7 access to stored images
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EFT Network, Inc.
is Committed to Providing
Superior, Affordable,
ACH and Check Processing Solutions
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Getting Started
EFT Network, Inc.
245 Saw Mill River Road
Hawthorn, NY 10532
Tel: 914.747.3222
Fax 914.747.7218
www.redeposit.com
Contact:
Alex Bacon, Vice President of Sales & Marketing
E-mail: [email protected]
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