TranFusion

Payliance has developed strategic partnerships to offer a complete back-office conversion solution, an approach not offered elsewhere. This provides access to Payliance’s internal, proprietary database of high-risk check writers to reduce verification costs, while using Verification and Velocity Tracking to greatly decrease the chances of accepting a bad check and reduce the occurrence of repeat offenders. Paper checks are scanned and sent for deposit electronically, reducing labor costs, improving funds availability, reducing bank fees, and giving you faster knowledge of returns. The integration with recovery gets return items into the recovery process 4-6 days faster than paper routing, resulting in improved recovery rates.

How it works:

• Checks are accepted at the point-of-sale
• The clerk completes the transaction by entering the dollar amount of the check into the POS system and places the check in the drawer
• Checks are recovered on a regular basis and scanned in the back office
• During the scanning process, MICR info is paired to information found in transactional log captured at POS, eliminating the need to hand key check amounts
• Once all checks are scanned, an electronic deposit is sent through Payliance’s financial institution to the Federal Reserve
• The Federal Reserve passes all items to the check writer’s financial institution
• If funds are available, a payment is made; if funds are not sufficient, the item is sent back through the Federal Reserve to Payliance’s financial institution
• Once items are returned to Payliance’s financial institution, the you are debited for the return item as well as a low return item fee
• Return items immediately enter the recovery process, are visible on reports and are sent in our negative database to the Grocers POS system
• You are paid daily for all recovered items

Benefits:

• Eliminates Bank fees, driving a savings of 2–4 cents per item
• Reduces cost per returned check by $2 to $5
• Improves funds availability — funds are typically available in 24 hrs
• Faster return information — knowledge of fraud within 48 hours after settlement
• Typically saves .5 percent or more as compared with credit card acceptance
• Electronic deposit accelerates cash flow and reduces labor associated check acceptance
• Progressive risk decisioning minimizes exposure to high risk items
• Fraud and risk management tools are integrated at the point of sale
• Intelligent system recognizes traveler’s checks, business checks, WIC checks and handles these items as a Check 21
• Solution minimally impacts current business practices, as no POS training or equipment is required