Telecheck merchants include banking institutions such as First American Bank, North Shore bank and Fremont Bank, as of 2016. Retail and hospitality businesses including Kohl's, Sharp Electronics Corporation and McAlister's Deli are also Telecheck merchants. A full list of successful Telecheck partnerships is available on the First Data official website.
Identity theft and fraud are considered some of the fastest growing crime in America. Telecheck enables merchants to accept checks from consumers with confidence, whether over the phone, online or in store.
The primary service offered by Telecheck is the electronic check acceptance service. It converts paper checks to electronic items at the point of sale. With this service in place, retailers can accept checks as easily, safely and quickly as credit cards. When a check is presented to a sales clerk, it is authorized using a secure, specially designed system that captures the banking information and payment amount on the check. When the check has been approved, the customer signs a receipt of the electronic transaction.
The signature on the receipt authorizes Telecheck to electronically present the check to a bank and have the funds deposited into a business account. Funds are typically withdrawn within one or two business days and show up on customer's bank statements the same way that ATM transactions do.