A service that guarantees check payment to a merchant up to a specified amount. However, merchants are required to perform correct authorization procedures.
A service (commonly offered to merchants) guaranteeing that a checkwriter has sufficient funds on deposit to cover the payment. For a fee, a check guarantee service assumes collections risk should checks be returned.
A service that guarantees payment on each check presented provided that the merchant follows correct procedures in accepting the check. The guarantee service collects any returned item and the merchant typically follows a strict set of procedures. See also, Check Verification.
A service that guarantees the checkwriter's payment and assumes the collections risk of check payments for a merchant.
A service which guarantees check payment (up to the limit defined for the account), provided that the merchant follows correct procedures in accepting the check. The service determines whether the check writer has previously written delinquent checks. Companies like TeleCheck provide this type of service.
a service (commonly offered to merchants) guaranteeing that a check writer has sufficient funds on his deposit to cover the payment.
A service provided by a third party vendor who guarantees a customer's payment by check for a specified amount. Stipulations require that the merchant follow correct authorization procedures.