MERCHANT ACCOUNTS - Credit Card Processing and Check 21.

Merchant Accounts: Check 21

What is Check 21?

Check 21 is sweeping new federal law that takes away your ability to get back your original paper checks. Under this law, consumers will be more likely to bounce checks and may find themselves paying higher bank fees. The complicated new law gives you some rights, but those rights depend on a variety of factors, including how the merchant and the bank decide to process your check. 

Below are some tips:

ASK FOR A RECREDIT IN WRITING: If something goes wrong with your checking account, make a written request that your bank "recredit" (return) the funds to your account. You have a right to recredit in some cases, and not in others. Because it is hard to tell when the right of recredit applies, you should ask, in writing, for a recredit whenever a check is paid twice, a check is paid for the wrong amount, or something else goes wrong with your checking or merchant account.

ASK FOR A SUBSTITUTE CHECK: You get a limited recredit right under Check 21, but the regulations restrict recredit to consumers who were provided with a substitute check. Always ask for a substitute check, which is a special kind of copy of your paper check. For Merchant Accounts and Merchants they should make sure and keep original checks in a very safe place..

EXPECT THE CHECKS YOU WRITE TO CLEAR FASTER: Don't write a check unless the funds are already in your account or if your writing a business check it may hit your merchant account faster too. The checks you write will clear faster, but banks aren't required to speed up the time when they make funds available from the checks that you deposit.

DON'T SIGN UP NOW FOR VOLUNTARY CHECK TRUNCATION: You have even fewer consumer rights under voluntary non-return of your checks than you'll have under Check 21. Decline invitations from your bank to convert to voluntary check truncation.  Check 21 does not effect your credit card processing or your ability to accept credit cards.

What are the main effects of "Check 21" on consumers? You won't be able to get your original paper checks back, because your bank will no longer have them. Checks you write will clear sooner, increasing the risk that a check will bounce if funds are not in the account when you write the check. Don't write a check unless the funds are already in the account to cover it..

Merchant Accounts are not directly effected by Check 21 unless you accept credit cards and elect to take advantage of remote capture!

Compare and review multiple merchant accounts side-by-side to insure that your business has the lowest credit card processing costs available. Each merchant account provider is not able to see what the other merchant service providers are offering, so they are truly competing for merchant accounts competitively. There is no need to login and wait for offers. We will automatically email you each time you receive an offer. Once you get the email you can simply login, view merchant account offer details and compare online. No phone calls from commission based salespeople.

CardBridge is FREE and you have NO OBLIGATION to accept any offer. Why would you go anywhere else to compare, review and acquire on merchant accounts, anywhere?

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