Paymentech, the nation’s largest processor and acquirer of bankcard transactions, has certified TeleCheck’s Eclipse terminal, the first integrated payment terminal to securely and conveniently capture the check writer’s name and address information from paper checks. Paymentech’s Eclipse solution includes the processor’s array of payment support services and continues to broaden Paymentech’s menu of point-of-sale offerings for merchants.
With the Eclipse terminal, Paymentech now offers a comprehensive payment solution that includes the TeleCheck Electronic Check Acceptance service that converts paper checks into an electronic transaction at the point of sale. ECA eliminates the hassles of processing paper checks, combining online check authorization with an electronic capture of the transaction for settlement via the ACH network. The Eclipse terminal fully integrates the check transaction with other electronic payments such as credit and debit cards.
TeleCheck’s ECA service is simplified with the Eclipse terminal: the merchant simply inserts the check into the terminal and enters the transaction information. Within seconds TeleCheck authorizes the transaction and the terminal prints a receipt for the customer to sign. With the signature, TeleCheck electronically presents the transaction to the customer’s bank, and automatically funds the merchant for the transaction within two business days.
Other merchant benefits include:
Savings — Costly returned checks and associated fees can be eliminated.
Convenience — Only one POS terminal needed for all non-cash payments.
Ease — The backlit touch screen display provides excellent visibility. Check imaging — Captures valuable information from the front of the check, allowing you to process checks without identification.
Speed — The 32-bit, 24Mhz processor speeds up authorization and transaction time, and the 14.4 kbps modem delivers faster downloads.
“Certification of the Eclipse terminal increases the flexibility of Paymentech Network Services’ POS processing capabilities,” said George E. Wilcox, group manager for product management. “Now, from a single POS terminal, our clients can add TeleCheck’s ECA to our broad array of merchant processing services. Joined with Paymentech’s expanded merchant help desks, this latest offering reinforces our position in a highly competitive environment.”
TeleCheck is the world’s leading provider of paper and electronic check services, helping more than 228,000 retail, financial institution, grocery and other industry clients to increase their profitability, reduce risk and streamline operations. TeleCheck’s check acceptance and electronic commerce solutions help businesses safely and efficiently accept payment at the point of sale, by telephone, over the Internet, and through recurring ACH payments. In 1999, TeleCheck authorized more than $155 billion in checks, representing 3.1 billion transactions. For more information, visit the Internet at [http://www.telecheck.com]. TeleCheck is a wholly-owned subsidiary of Atlanta-based First Data Corp. (NYSE: FDC).
Dallas-based Paymentech ([http://www.paymentech.com]), founded in 1985, delivers premier electronic payment solutions for merchant acquiring, point-of-sale transaction processing and commercial card programs. The company is the nation’s largest processor and acquirer of credit card transactions and a leader in Internet payments. Paymentech annually processes approximately 3 billion total transactions and $93 billion in bankcard sales volume.