Quote:
Originally Posted by webmasterchecks
yea, i wasnt sure what to call a check that didnt get bounced back at its initial attempt
other than cleared  thanks for coming in and clearing it up |
No problem.
Quote:
Originally Posted by webmasterchecks
The problem with check processing is there there is no real-time clearinghouse where you can get an instant approval/denial on a user?.
Now you can do other checks to get an idea of if is a good user or not, but those are expensive/intrusive, when your dealing on a per transaction basis.
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Real-time Verification ?
The top e-draw banks in the US, which represent about 70% of the checking and savings accounts in the US, participate in a system where they provide the account standing of every account in their system daily.
This system can tell the processor at the time of the transaction whether the account is in good standing or not. For instance, the system may say the account is closed, does not exist or is over drawn.
This system is not intrusive or I do not understand what you mean. It is completely transparent.
More importantly, it is not expensive for the merchant. It is included in our service.
Quote:
Originally Posted by TheDoc
Walmart pretty much auto draws from your account when you pay with check. Star America or something like that is who they use.
I don't think this will be that big of an issue to protect from.
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Real-time debits ?
These are POS (point of sale) transactions.
The consumer is present and the check is scanned for the MICR data. This is not available for non face-to-face transactions (Internet / Phone transactions).