Sage Collect Direct™ eliminates the need for merchants to use an external lockbox
system for collected check payments. Just as Check 21 has revolutionized check
processing for banks by allowing them to convert paper checks to electronic payments
after they have received the checks from lockbox users, it paves the way for businesses
to radically simplify their paper check processing. Sage Collect Direct creates
a distributed lockbox system for merchants, at one or multiple collection sites,
that delivers the following:
Faster check deposits and funds availability
Increased control of funds
48 hr. notification of returns (NSF)
Improved cash flow
Easy to use recurring billing
Reduced labor costs associated with check pick up and handling
Increased collection security and reduced risk of non-payment
Sage's Collect Direct product is accessible via the Internet and includes an
optical scanner/card reader that enables the conversion of consumer checks (paper)
into acceptable Automated Clearing House (ACH) electronic payments. It also
processes “card present” and “card not present” credit card payments.
Consumer checks are scanned using the check interface of the Magtek
scanner.
Consumer credit cards are swiped using the card swipe interface of the
Magtek scanner.
If it is a first time consumer that has submitted a check or credit card,
the client will “key” enter the consumer’s information (name, amount, date,
other identifiers as needed). The system will automatically create a link
between the customer information and the payment form information. If
the customer uses a different form of payment, Sage Collect Direct will add
an additional payment form to an existing customer account. The next time
a check is scanned or credit card is swiped from this consumer, the personal
information will be generated automatically and the amount of the new payment
can be entered.
Once the payments are entered for the “user selected” time period (typically
a batch for each business day), the batch is settled and processed by Sage Payment
Solutions. Each uniquely identified batch is authenticated and settled.
The merchant can view the daily settlement activity, deposits and any rejects
directly through the Sage Collect Direct interface. Check payments may
be re-presented checks up to two times, in the event that they are rejected
due to NSF (non sufficient funds). Scanned check images are stored by
Sage Payment Solutions for 2 years, as required by NACHA.
The merchant may elect to put customers on a recurring billing schedule.
Once the consumer has agreed in writing to be automatically debited, Sage Collect
Direct can be set up to automatically add the payment (on the selected date)
to the daily batch for settlement. There is no need to scan or swipe recurring
payments saving time and effort for both merchant and customer.
Once the consumer’s account is electronically debited, the payment is listed
on their bank or credit card account statement, including the date of the payment,
name of the company paid, check number (checks only), and amount of payment.
