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Financial Solutions that work for YOU!
DepositWizard Merchant
CFS Inc. recognizes the growing trend of merchant capture and has developed a simple solution for both the financial institutions and merchants. With DepositWizard Merchant, merchants will be able to prepare their deposit just as if they were walking into the building. The merchant will then run our software, scan the deposit slip, the checks, and click the export button. Merchants are not required to key in any information about the checks, this will be done at the Datacenter/Back Office.
How it works
DepositWizard Merchant combines the images and data into a file and transmits it securely to the Datacenter/Back Office for verification. Once the file is received, DepositWizard Merchant ’s ICR (CAR/LAR) provides a second verification of the images and data therefore allowing any deposit corrections to be made. DepositWizard Merchant then generates a posting file readable by any CORE imaging system. DepositWizard Merchant can be implemented either in-house or via a hosted solution. For verification, the merchant will receive an email when the file is received by the Datacenter/Back Office and another one when the deposit is verified by the financial institution’s CORE system. The first email will contain a date/time the files were received, the second will have the date and time along with the dollar amount posted to the merchant’s account. An optional password protected and encrypted file is available for the merchant that contains explicit details on the checks deposited. Upon initial setup, the merchant will be limited to depositing into the account(s) agreed on by the financial institution and merchant. Cutoff times will be established and are hard coded in the software to ensure the deposits are accurately received as well as processed. Also, agreements will be made on how long to keep physical checks and images. Routine inspections of the merchant’s place of business may be made for security purposes.
Click here for the DepositWizard Merchant Brochure
For more information on how this product can help you, please give us a call or email us here.