Personal checks remain an ever-popular form of non-cash payment among consumers. Businesses that don’t accept checks lose money. So if you’re looking to maximize efficiency and protect your business (and your bank account) from fraudulent activity, Cornerstone can help.

We offer you a choice of three Check Guarantee services, provided by our friends at Secure Payment Systems, all of which are geared toward protecting your business from bounced checks and the associated fees. Arm your business against check fraud by choosing one of the three check processing solutions we offer through SPS: Electronic Check Conversion, Check Guarantee, and Phone Authorization.

Increase your consumer base and make more money by accepting checks! Select the option that’s best for you now.

Electronic Check Conversion (ECC)

Utilizing the latest technology, ECC allows you to process checks just like credit cards. This service eliminates trips to the bank and worries concerning lost or stolen check deposits. And using ECC is easy!

• Your customer hands you a check
• You enter the requested data into a point-of-sale (POS) terminal
• You slide the check through the check scanner
• A receipt is printed, which the customer signs
• You hand the check back to the customer
• The funds are credited to your account within 24-48 business hours
• “Electronic” checks that bounce never hit your bank account!

How exactly does Electronic Check Conversion work?

When you slide the check through the scanner, an image of the check is created and saved in the scanner. Simultaneously, an electronic transaction request is transmitted for approval (just like happens for a credit card), a receipt is printed which the customer signs, you image the receipt by sliding it through the scanner, and the transaction is complete!

Not only does ECC save you money by protecting you from bounced check charges, minimizing individual deposit item charges, and reducing cash flow delays, but it saves you in time and effort!

Check Guarantee Services

With Check Guarantee, you can virtually eliminate the threat of bounced checks and the fees attached to them. Entering the customer’s information accesses a database where check writing histories are compiled, allowing our friends at SPS to profile check writers and track their records for good and bad check activity, helping to protect you and your business from fraud and bounced check fees.

We have two guarantee options available for you:

1) Traditional Check Guarantee:

SPS’ Traditional Check Guarantee is an authorization option that provides instant verification of a check writer’s standing, allowing you to accept checks with peace of mind intact. By simply entering a customer’s driver’s license information directly into the point-of-sale terminal and/or sliding the check through a check reader, you can authorize the check in the blink of an eye. Not only does this expedite check transactions, saving you and your customer time, but with this option, you are guaranteed the opportunity to receive reimbursement on authorized checks that bounce!

Benefits:

• Guaranteed reimbursement on bounced checks
• Claims reimbursement in 14 days!
• Supports all major point-of-sale terminals
• Supports all electronic check readers
• Stop-payment fraud coverage

2) Phone Authorization:

Want to accept checks but don’t have a point of sale terminal, or is your POS terminal just not working? No worries! You can run Check Guarantee over the phone with all of the same benefits and features listed above and without having to rely on a terminal.

A customer service representative is ready at all times to assist you in guaranteeing your customer’s check. Verbal check authorization is available by phone 24 hours a day, 7 days a week, no exceptions!

All you have to do to utilize this feature is call the toll free number and press #1 for “voice authorization” when the phone system menu prompts you to do so.

What’s more, Phone Authorization is not limited to users without terminals; it is also available to those signed up for traditional Check Guarantee.