Merchant receives check from customer.
The check is scanned at the point-of-purchase terminal. Approval or decline from national database is displayed within 6 seconds. Check is imaged for a front and back view. Customer signs the receipt, receives a copy of the receipt and the check back.
At the end of the business day or shift, checks are batched and transmitted from the terminal to our processing bank for presentment to the Federal Reserve Banking system.
Funds are electronically deposited into the merchantâ•’s bank account within 24 business working hours of batch transmission.
Dishonored checks are identified within 3 business working days. A reversal report is sent to the merchant and the dishonored funds are drafted back out of the merchant's bank account. FedPayUSA begins electronic check recovery service for dishonored items.
Merchant enjoys 24/7 access to batches, deposits, reversals and status of dishonored check recovery via the FedPayUSA check-tracking Web site.
