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Imaging at the Point of Sale
TeleCheck Services, Inc. has introduced the first payment terminal that can make images of checks at the point of sale.
The terminal, which also accepts debit and credit card payment, uses a process that converts a paper check into electronic payment. It can read the MICR line on a check, which allows the merchant to process the payment electronically through the Automated Clearing House network. A customer is handed the voided check back as a receipt. This type of payment is already in use by some retailers, but TeleCheck's new terminal also makes an image of the check as well as sharing that capability with the capability of accepting other forms of payment. The imaging enhances the identification process and security protection of the terminal by capturing the name and address information along with MICR information. The imaging reduces the possibility of check fraud, improves collection efforts on bad checks and eliminates the need for consumers to show driver's licenses or other identification in most cases.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 8, 9/99
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