POST SALE
CHECK CONVERSION:
At the end of each business day or sometime during the
day, the merchant swipes their customers’ check through a reader to capture the MICR
information from the check.
This information is automatically transferred to a PC
with our proprietary software installed or to a standard credit card terminal; the dollar
amount of the check is entered using the terminal’s keypad or the PC’s keyboard.
After all checks have been processed, they are transmitted to CPI’s host server for transmission to the bank’s ACH department for origination
and debited from the customer’s bank account the next business day. The total
of all checks for the day is credited to the merchant's account and appears as a memo item
on the bank statement.
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FREQUENTLY ASKED QUESTIONS |
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