Paper Guarantee (Check guarantee with no conversion)

What is Paper Guarantee?

A Paper Guarantee is a check acceptance service that eliminates the risks of accepting paper checks. Verification and authorization are obtained at the point of sale for face-to-face transactions.

Paper checks are then manually deposited into the bank and will be guaranteed if returned unpaid.

Who uses paper guarantee?

Dry cleaners, retail stores, grocery stores, car wash, nail salons and other retail merchants.

Procedures:

• Check information keyed into terminal
• Merchant receives approval
• Consumer signs receipt
• Merchant writes authorization number on check
• Paper checks manually deposited into the bank and will be guaranteed if unpaid.

Guidelines

• Name and address must be pre-printed on check
• No temp or starter checks: check # must be 101 or higher
• Input driver’s license # into terminal
• Merchant will write customers required information on the face of the check
• Home phone #
• Work phone #
• Authorization code
• Driver’s license #
• Merchant physically deposits the check at the bank
• Refer to Terms and Conditions and terminal guide for complete guidelines

Benefits:

• No imager or reader is required
• Eliminates risk of taking paper checks
• Free detailed online reporting
• Stop payment coverage available

Additional Info:

• Bank will automatically mail bad checks to the check processor (if the Bank Authorization Form was signed and submitted to the bank, otherwise merchant will mail the check.)
• Check processor will reimburse merchant via electronic ACH for the face amount of the check within 30 days, providing all guidelines were followed.

What types of checks are acceptable?

• Personal checks from any U.S. bank
• Business and corporate checks