Source: First Data
TeleCheck Services, Inc., the world's leading check acceptance company and subsidiary of First Data Corp. (NYSE: FDC), announced that Office Depot (NYSE: ODP) has contracted with TeleCheck to provide the Electronic Check Acceptance® (ECA®) service in the company's more than 1,000 stores nationwide. Customers presenting checks at Office Depot locations beginning this fall will benefit from increased security and convenience as the company converts those checks to electronic transactions at the point of sale. The service utilizes the Automated Clearing House Network (ACH) to collect the funds from the customer. This process is growing steadily and attracting merchants nationwide.
First Data's TeleCheck is the leader in Electronic Check Acceptance (ECA) services. ECA allows businesses to cost-effectively authorize and settle check transactions quickly and in a secure format. The Electronic Check Acceptance program is designed to help reduce fraud while saving considerable time and expense at both the customer contact and transaction processing levels. The TeleCheck service also takes advantage of new capabilities that eliminate image capture requirements and maximizes the percentage of checks eligible for conversion.
Writing a check remains a popular way for consumers to make their purchases. At the same time, creating faster and more secure methods for the authorization, warranty and electronic conversion of paper checks is a priority for national and mid-market companies.
"We are very pleased to welcome Office Depot to the growing list of national merchants looking to offer their customers the maximum levels of choice, convenience, flexibility and security when choosing a payment option," said TeleCheck President Brian Mooney.
TeleCheck provides a broad suite of both electronic and paper check processing services, which can be customized to meet the unique needs of individual merchants. With over 138,000 merchant locations currently processing with ECA through TeleCheck, the steady growth of electronic check services in both large and small merchants has become a standard for efficient check acceptance services.