Check Deposit and Check Guarantee is a specialty product that is not right for everyone. Check Guarantee can be an expensive option for merchants but under the right circumstance it is a powerful tool to utilize.
First the check deposit feature. It needs a check reader or imager to function. The imager often connects to the credit card machine or they come built in together. This tool lets you deposit check images straight from your desk. The emergence of mobile phone depositing through bank applications has challenged this solution. Mainly because the imagers can be pricey. However; there are different packages that provide more timely deposits and possibly higher deposit amount limits for the day.
Check Guarantee does just as its name suggests. For merchants that receive a lot of check payments that “bounce” or don’t get cleared by the bank, the headache of not getting your money as well as the bank fees that incur in this instance can be taxing. The check guarantee, guarantee’s all checks will clear and funds will be deposited EVEN if the check is bad. You pay a percentage of the check amount, similar to credit card processing, for this feature. the trick it to analyze the cost to you business from bounced checks and non-collection of funds against the option off all funds being deposited with the check guarantee percentage coming out.
DynaPay can help you with the analysis of your current fees and potential check guarantee fees to help with the decision on whether this option is right for you. DynaPay also offers a couple different models of check readers for these solutions. Often times, the types of check clearing solution you choose narrows your choice down to one specific check reader or imager. Feel free to reach out for any help with these products.