Frequently Asked Questions:
1. Can a merchants' credit card terminal be
programmed to scan the MICR line on checks for ECC so the merchant does
not have to purchase the MICR Reader/Terminal?
No. A credit card machine cannot be programmed to scan the MICR
line on a check for ECC. Credit Card machines only scan credit card
magnetic strips, and it is totally different technology that scans the
MICR line on the bottom of each check.
2. Is there a monthly minimum for ECC?
There is a monthly minimum of $10.00. This is 38 transactions at
$0.27 cents each. $10.00 will be ACH debited from the merchants' account
in place of the transaction fee charge if the monthly minimum it is not
3. What reports are available for ECC?
The equipment is able to print a daily report of the
transactions, so the merchant has a daily record of how many
transactions and how much dollar volume was converted, just like their
credit cards. A previous day's report cannot be re-printed at a later
time after a batch has been closed as the truncation data is no longer
in the memory of the terminal. A batch report will need to be printed
before the batch is closed. However, Monthly Activity Statements and
daily return statements will be mailed to merchant.
4. Is the check given back to the customer after purchase of goods?
The merchant must keep the customer's checks and mail them weekly
to Peak Services.
5. Is there a merchant hotline for customer assistance?
Yes. The merchant may call for Customer Assistance and ask for
the Helpdesk. They should have their merchant ID number available.
6. Can a customer stop payment on a check that has been converted?
If they dash to the bank and beat the ACH debit, maybe yes.
Otherwise, they still have 60 days to revoke the transaction.
7. Can ECC be used in any type of retail establishment?
Any retail establishment where a signature can be obtained at the
point to sale.