Two Ways to Process Virtual Checks:

1. Consumer Initiated: Payment data is entered by the consumer on the merchant's e-Commerce enabled website

• Consumer shops and enters order & payment data on website
• Transaction is authorized & confirming email is sent to consumer
• The Federal Reserve directs the debit and credit process
• Money is debited from consumers bank account
• Funds deposited in merchant's bank account

2. Merchant Initiated: Payment data is entered by the merchant in the virtual terminal

• Order received in-person, by mail, fax or telephone
• Merchant enters data in virtual terminal
• Transaction is authorized & confirming email is sent
• The Federal Reserve directs the debit and credit process
• Money is debited from consumers bank account
• Funds deposited in merchant's bank account

What's In It For You?

• More methods to accept payments - phone, mail, internet, fax or walk-in
• Process checks faster
• Lower processing costs
• Reduce or eliminate invoicing costs
• No equipment purchase
• Save time and money by automating recurring customer charges
• Fast, anti-fraud payment alternative for non-credit card users

Features and Benefits

• Lower rates than credit cards
• Provides added value to Retail, Mail Order and Internet Merchants
• Easy to set up and use - works with your existing bank account
• Real-time payment processing from any Internet enabled PC
• Funds available in as little as 72 hours and no more trips to the bank
• Reduces fraud through real-time customers identification by Equifax
• Customers do not need to "register" to use this payment option
• Location independent - process payments and access reports anytime, anywhere
• Supports both B2B and B2C payments
• Processes one-time and recurring payments
• Secure SSL technology & encryption
• Real-time reporting features provide a "big picture" view of sales activity
• Complies with Federal Reg E and NACHA
• Shorter reject period for checks than credit cards an no association rules regarding chargebacks