Copyright © 2005 EFT Network, Inc. All Rights Reserved. Point-of-Sale Conversion (POS)

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Copyright © 2005 EFT Network, Inc. All Rights Reserved. Point-of-Sale Conversion (POS)

Transcript of Copyright © 2005 EFT Network, Inc. All Rights Reserved. Point-of-Sale Conversion (POS)

Copyright © 2005 EFT Network, Inc. All Rights Reserved.

Point-of-Sale Conversion (POS)

Reduce Risks Associates with Bad Checks Increase Efficiency by Alleviating Time Consuming Check Handling Processes Quicker Access to Funds Consolidation of Accounting for Multiple Locations Timely Notification of Returned Items Access to Transaction History

Business Challenges

Checks Deposited Faster Centralized Accounting for Multiple Locations Database Verification of Checks Reduces Paperwork Reduces or Eliminates Bank Runs Streamlined Return Handling for RCK Processing Reduces Transaction Fees Accelerates Availability of Funds Three Day Notification of Returned Items

Business Opportunity

POS

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Technology Behind POS

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Merchant receives check at register

Check is scanned at the register, capturing MICR data and imaging check

Data is transmitted to EFT Network’s software for processing

VOID

Upon approval, receipt is printed for consumer to sign authorizing debit

Check is voided by merchant and returned to consumer

POS

Checks are uploaded by merchant and sent to EFT Network for processing

Files are made available online for export into in-house check recovery system

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Check writer’s account is debited

Cleared funds are deposited into the merchant’s account.

Agency is notified of Returned Checks for Negative Database Updating and Quicker Check Recovery

Step by Step

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Why Use POS?

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Nominal Training Involved

Checks Submitted Electronically, In Most Instances, Take Precedence Over Paper Checks

Identification of Bad Check Writers via a National Database

Timely Notification of Returned Items (Three Business Days vs. Seven to 10)

No Bank Runs Required

No Bank Deposit Fees

Guaranteed Results…No Risk Involved

24/7 Monitoring of Your Account Via Our Secure Website

Features

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Funds Are Transferred Electronically

Merchant or Bank Does Not Have to Process a Single Check

Centralized Bank Deposits for Multiple Company Locations

Low Transaction Fees

Low NSF Fees

No Lost or Stolen Checks to Worry About

Database Verification Reduces Risk of Accepting Bad Checks

Never an NSF Processing Fee From the Bank to the Merchant

NSF Checks Will be Reported Within Three (3) Business Days

Benefits

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Getting Started

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Equipment

1. Terminal: Verifone Tranz 330 or 380

2. Scanner: RDM EC5003i, EC5004i or EC6004f

3. Printer: Verifone P-250, P-350 or P-900; or IVI/Ingencio Scribe 612

4. Cable #1: Verifone P/N 05545-01

5. Cable #2: Belkin P/N F2V004-06 or F2V004-10

6. Phone Line: Two (2) telephone line cords (may come with terminal and scanner)

Image Capture

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1. Place the Terminal, Scanner and Printer on the counter.

2. For all three (3) pieces of equipment: Plug in the power supply to the equipment and to the power source.

3. Take the Verifone cable:

1. Plug the 8-pin end of the cable into the 8-pin port on the Tranz.

2. Plug the 9-pin end of the cable into the 9-pin port on the RDM.

4. Take the Belkin cable:

1. Plug one end of the cable into the 8-pin port of the RDM.

2. Plug the other end of the cable into the 8-pin port of the printer.

5. Take the first phone line:

1. Plug one end into the phone jack on the Tranz.

2. Plug the other end into a phone jack on the adapter.

6. Take the second phone line:

1. Plug one end into the phone jack on the RDM.

2. Plug the other end into the other phone jack on the Tranz.

Set-up

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Sample of receipt to be signed by merchant

MICR Data and Check Amount

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Concise Reporting Reporting On-line and in Real Time Expedited Deposits Lower Transaction Fees Reduces Bad Debt Risk and Collection Costs New Revenue From Mark-up on Check Processing at POS &

Return Fee to Merchants No Expensive Software to Buy Accounting for Deposits Made Easier Stored Images are Accessible 24/7

Conclusion

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