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 What do the Banks think about these kind of payments?
Checks created by any other than the checking account holder are called "paper drafts". When you receive written authorization, like a faxed check or verbal authorization from a checking account holder, the person or business that receives this authorization can create a paper draft. You can then deposit this draft in your bank account. The checking account holder will receive the paper draft in their checking account statement.
It is not all unlike accepting a credit card by phone. There is also no signature. In place of the signature, the words "This draft authorized by your depositor. NO SIGNATURE REQUIRED" are printed in the signature line of the check. Accepting checks by fax or phone was established by the Federal Reserve Bank, and is regulated by the Federal Trade Commission.
Banks accept millions of these types of transactions daily. Here is why:
The Uniform Commercial Code references are as follows:
Uniform Commercial Code, Title 1, Section 1-201 [39] and Title 3, Sections 3-104, 3-401 and 3-403; Code of Federal Regulations, Title 12, Chapter II, Part 210; and Regulation J. Federal Reserve Bank, Part 2, Sections 4A-201 to 4A-212.
Also see Romani v. Harris, 255 Md. 389.
New FTC Regulation: As of January 1, 1996, regulation 16CFR Part 310 was placed into law. This requires that those who accept checks over the phone either record verbal authorizations or a notice be sent to anyone who purchases with a check by phone.
Put it to the test, write a check to yourself from one bank account to another and watch it pass right through!
How secure are transactions made using Checker?
Far more secure than transferring credit card data. Since every check transaction requires deposit to a legitimate checking account (and leaves a paper trail), thieves would much rather steal your credit card number than your checking account information.
What information is required to create "check drafts" with Checker?
You ONLY need to collect the Payor's approval and 5 items of information:
- Payor's Name
- Payor's Bank's Name
- Bank's Routing Number
- Payor's Checking Account Number
- Authorized Payment Amount
Optional information you may also want:
- Payor's Address
- Payor's E-mail Address
- Phone Number
- Check Number
- Check Date
Will my bank accept checks created with Checker?
Yes, 99% of the time. Some tellers are not familiar with these checks and may ask questions, but once the check is deposited, it will go through without a problem.
How does Checker differ from other check-by-fax software on the market?
It's far less expensive, much more user-friendly, and takes up less space on your hard drive.
Do I need special magnetic ink for my printer?
No. The magnetic toner in most laser printers is sufficient. (In rare cases, a special MICR toner is required.) This can be obtained from your toner supplier. Most banks across the country now use optical scanning devices instead of magnetic. Where this is being utilized, bubble / ink jet printers can be used. Be sure to check with your bank to determine what type of ink needs to be used for printing your checks before you start accepting customers' orders in this fashion.
Do I need to use special "bank check" paper?
Yes. The Federal Reserve Board requires that all checks be written on special paper.
Where can I get special Federal Reserve Security Check Paper?
The Checker software author, Bob Stratton, will be happy to sell you checks at a very reasonable price (about $.02 to $.04 per check). You will receive your first 375 checks FREE when you register the program. You can then conveniently order more checks directly from the program itself. Optionally, you may choose to shop around at local office and paper supply stores such as Officemax, Office Depot and Staples.
Is this system available in other countries?
Yes, similar laws have recently been passed in Canada. Please check with your bank just to make sure. However, if your business has an U.S. bank account, there's no problem at all. The world bank isalso taking steps to make it standard banking practice throughout the world.
What kind of
computer do I need? Do I need a special printer?
At present, Checker is available for Windows/IBM Compatibles running Windows 3.x, Windows 95, Windows 98 or Windows XP only. There is no Mac version at this time. You can print checks from Checker on almost any printer, but Laser, Bubble, or Inkjet printers are preferred.
Is product support available?
Yes. There is a very comprehensive, user-friendly Help file built right into the Checker software that should be able to answer any questions you may have that haven't already been covered here. If that isn't enough you can conveniently contact support by email using a form within the program itself.
What about your 30 Day 100% Money-Back Guarantee?
That's easy . . . examine Checker Software for a full 30 Days and if you aren't completely happy with your new software simply send us a short note requesting a refund and a brief summary of why you didn't like the software. You will then be issued a prompt and cheerful refund.
Everything sounds Great! How can I order Checker?
Ordering is easy and you can download Checker immediately! Simply click on the button below to complete your secure online order. Once we have received your order, you will receive an email within 0 - 1 minute which will provide download instructions. That's all there is to it!
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