credit terminal that reads checks?

[Tomas8]

I know the Verifone Eclipse model does, I am looking at buying one. However, i am also looking at cheaper options like the Verifone Omni 3200. The info says it can process checks but I can't tell if the standalone unit can or a seperate check reader is req'd. I like how the Eclipse is all-in-one, well, except the pinpad. The Nurit 2085 also looks good.

Any experience/opinions/etc would be great.

Thanks,
Jimmy

edit, i just saw that the omni 3200 requires a seperate verifone cr600 check reader. Also, I noticed that Magtek makes a popular check reader. Can you use any check reader on any terminal or is it model specific? it seems they all use a simple rs232 cable.

[superfaith]

Okay, What exactly does the machine do to the check?

I am just trying to see the use of this type of option.

[fivesticks]

The ICE 5700 has a built in check reader and pin pad. It will of course take credit card transactions also.

[Flyersz]

In answer to your question, sweettie... there are actually a couple different types of check processing that can be done.

"Check truncation" is a service that reads in the MICR-encoded info on a check and then converts the paper check into an electronic ACH item. It then stamps "PAID" on the check and the check is given back to the customer.

In the mean time, the funds from the check are debited from the checkholdersr bank account and deposited to the merchant's bank account.

The benefit of doing this is the elimination of the stiff bounced check fees that usually apply if a paper check is bounced as well as faster funding to the merchant in most cases. Plus, it eliminates the need to deposit the check at the bank.

"Check guarantee" is another form of this which actually does a verification on the check itself.

The check guarantee company, when they approve a given check, will stand behind the check if it later comes back bounced.

This means that merchants avoid the possibility that a customer will pay for their merchandise with check, bounce the payment and leave the merchant holding the bag.

Thus, in essence, check guarantee is a form of "insurance" for the merchant.

There are all kinds of nuances associated with check processing and to really evaluate whether or not it makes sense for you, you need to almost make up a quick spreadsheet.

Most credit card terminals will support check processing as a 2nd application and it is also possible to run check processing as a standalone application.

Let me know if that info is helpful or if I can help clarify further on anything.

You should check with your card / check processor and make certain which models are certified by them. Not all systems use all models. The "latest & greatest" is valueless if your processor does not recognize it.

Plus, many banks are getting away from the magnetic MICR codes and going to optical scanning. The print font is the same, but there is little, or no, metal in the ink for a MICR reader to read.

And, the reality is that fewer and fewer checks are being written. Virtually everyone now uses "check cards". As a retailer, I can testify that it's generally the very old or someone trying to work the "float" that writes checks. I'll go several days in a row with no checks, but many debit transactions. I'm sure the check guarantee folks must be hatin' it.

If you "got to have one" check first with your processor and see the exact models they support. Then get on ebay and see what you can find. (I am a charter member of the I Hate E-bay Club, but I do go there for refurbed terminals.)