eFunds, a business unit of Deluxe Corporation announced that First of Omaha Merchant Processing is offering eFunds Electronic Check to a selected merchant customer in a pilot program that began Nov. 11. Electronic check converts paper checks into electronic transactions at the point of sale, making checks more efficient and cost effective for retailers and financial services companies.
Nick Baxter, president, First of Omaha Merchant Processing, said, “Participating in this pilot with eFunds Electronic Check allows us to test yet another quality product which will assist in improving our clients’ cash flow, lowering their check acceptance costs and fighting check fraud.”
First of Omaha, the ninth largest processor of credit, debit and electronic benefits transfer transactions, is offering eFunds Electronic Check in a pilot program to selected locations of one of its major merchant partners. First of Omaha has become a leader in the merchant processing industry, assisting retailers, restaurants, lodging merchants, petroleum marketers, association/franchise groups and banks in the reduction of chargebacks and fraud.
“Financial services companies face an important moment of opportunity to take the lead on electronic check conversion, and we’re here to help them,” said Jerry Lester, head of business development at eFunds. “We’re delighted with the leadership First of Omaha is showing and pleased to be partnering with them in this pilot.”
eFunds Electronic Check converts paper checks into electronic transactions at the point of sale by capturing data from the paper check and transmitting it to the retailer’s financial services company. The consumer signs an authorization for the transaction and receives the check back from the merchant. The retailer receives its funds, and the electronic check amount is debited from the consumer’s financial institution account electronically. Studies show consumers are generally positive about the new procedure.
eFunds Electronic Check eliminates back-office processing of paper checks for member retailers and accelerates collections. It also improves cash management through faster and more effective clearing and recovery. Electronic check benefits financial services companies by reducing transaction processing costs, improving return notification timeframes and providing new opportunities to deliver retail payment services.
Before the transactions are accepted, they are authorized through eFunds’ SCAN OnLine(SM), a real-time check verification service that incorporates the most comprehensive debit data sources available to provide retailers with more data and analytics, significantly improving loss prevention at the point of sale. The SCAN database is constantly updated with information from more than 77,000 retail locations. In addition, the service uses DebitBureau(SM), the most comprehensive source of debit data available, with more than 2 billion records and growing at a rate of more than 1.7 million records each day.
About eFunds and Deluxe
eFunds ( [http://www.efunds.com]) provides leading payment management solutions that manage risk and enhance customer relationships for financial services providers, retailers, networks and remarketers, e-commerce providers and any business that routinely accepts debit payments. eFunds’ goal is to make every transaction more valuable for its customers. Deluxe is a Fortune 1,000 company headquartered in St. Paul, Minn. For more information, visit [http://www.deluxe.com]
About First of Omaha
First of Omaha is a premier processor in the direct marketing industry, and also processes bank card transactions for large and small retailers, restaurants, lodging merchants, petroleum marketers, associations/franchise groups and banks. Known for their superior customer service, First of Omaha specializes in providing clients the latest in card processing technologies. Through development of a diversified product line, First of Omaha has become a leader in the merchant processing industry, assisting clients in the reduction of chargebacks and fraud. First of Omaha is a wholly owned subsidiary of First National Bank of Omaha and is one of the few remaining in-house bank processors. First National Bank of Omaha, founded in 1863, is the 32nd oldest nationally chartered bank in existence. First of Omaha’s Internet address is [http://www.foomp.com]