| SERVICE CLASS |
DESCRIPTION |
BENEFITS |
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Bank Card Processing
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Credit card and debit card processing through a variety of acquirers/processors. Bank card processing supports sub-classes and vertical focus including:
- Retail
- Restaurant
- Direct Marketing
- eCommerce
- Electronic Banks Transfer (EBT) supports:
- Cash Benefits
- FNS
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- Improved speed of service
- Higher average tickets
- Less dependency on cash Increased revenue
- Easy processing and quick payments
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Stored Value Accounts
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Supports a variety of closed-loop stored value services such as gift card programs, mini-payment and loyalty points programs.
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- Increased float and slippage (on average 10-15% of cards are never redeemed)
- No change given – 100% Value
- Gift card sales boost (average 30% more than paper)
- Additional revenue streams (card sponsorship)
- Enhanced promotional capabilities to drive incremental sales
- Encourages return visits
- Reduced administrative and reconciliation costs
- Streamlined procedures at the POS
- Available as stand-alone solution or integrated POS
- Reduced theft and fraud
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Remote Check Deposit
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Supports check truncation, which is the process of removing an original paper check from the check collection process prior to it reaching the paying bank. With Remote Check Deposit, a substitute check, or electronic image of the original paper check, replaces the original check in the collection process and is cleared through the check-clearing network.
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- Faster check deposits; no posting delays
- Faster collection and return of checks
- Reduce return handling costs and time
- Branches are no longer geographically tied to processing centers or courier deadlines
- Extend deposit cutoff hours
- Reduce volume of physical checks
- Lower clearing fees
- Operational savings - infrastructure, encoding costs, paper storage, courier runs
- Reduce float for the depositor
- Online archives for faster check image access
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Automated Clearing House(ACH)
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A nationwide electronic funds transfer network which enables participating financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries. ACH includes support for:
- Accounts receivable check conversion (ARC)
- Point of purchase (POP)
- Telephone initiated entries (TEL)
- Check re-presentment (RCK)
- Query
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- Reduce the costs of handling and processing paper-based payments is reduced for the retailer
- Increase the security of transactions by no longer requiring paper artifacts (checks or coupons) to be lost or stolen
- Funds are more quickly made available for use regardless of the day of the week
- Electronic settlement allows funds for purchases to be settled directly to the retailer’s bank account through an Automated Clearing House (ACH)
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