Manager Forum

How long is it before your money is in the bank? My current company has visa, Mastercard and discover in my account in 24 hrs. Thats one of my biggest concerns.

Thanks for the feed back. I will not be able to switch to this (bummer) but it great to see Beta testers reporting the true outcomes. Yet another great reason to be a forum member.

what about checks. I have a fd200 that is cc, db and ck all in one. if the current one will not do checks, is there a plan to maybe incorporate tele check into the mix. We pay a monthly fee for the service and a very small transaction fee. I am very happy to have this service. For I am the one who had to chase bad checks. getting 1 bad 360.00 check in a year, the service pays for it self.

Pauls Automotive wrote:How long is it before your money is in the bank? My current company has visa, Mastercard and discover in my account in 24 hrs. Thats one of my biggest concerns.

So far, all credit card transactions have been deposited to our account in 2 days.

fortknoxx wrote:what about checks. I have a fd200 that is cc, db and ck all in one. if the current one will not do checks, is there a plan to maybe incorporate tele check into the mix. We pay a monthly fee for the service and a very small transaction fee. I am very happy to have this service. For I am the one who had to chase bad checks. getting 1 bad 360.00 check in a year, the service pays for it self.

Not sure if tele check is an option. It was not presented to me at the time of setup. I will ask for you though. We really don't take checks from anyone anymore except from our older long time customers. Everyone's checking account has a debit card attached to it these days, so it has rarely been a problem. If they can write a check, but they cant use their debit card, then the money's not in the bank! That scenario puts a bad taste in my mouth.

crmeyers wrote:

fortknoxx wrote:what about checks. I have a fd200 that is cc, db and ck all in one. if the current one will not do checks, is there a plan to maybe incorporate tele check into the mix. We pay a monthly fee for the service and a very small transaction fee. I am very happy to have this service. For I am the one who had to chase bad checks. getting 1 bad 360.00 check in a year, the service pays for it self.

Not sure if tele check is an option. It was not presented to me at the time of setup. I will ask for you though. We really don't take checks from anyone anymore except from our older long time customers. Everyone's checking account has a debit card attached to it these days, so it has rarely been a problem. If they can write a check, but they cant use their debit card, then the money's not in the bank! That scenario puts a bad taste in my mouth.

That is why I use my checks when I have to go to the store on thursday....

I dont like contracts hmm thx for the input

I have made an inquiry to product mgmt about this matter.

What's the delay time for deposits? What's the fee contract time? In the past companies have dangles all sorts of fancy promotional promises in front of me and slowly slide all the extra costs in when the "Special Program Ends". Some Credit Card Processing companies set up off shore accounts and hold YOUR money and extra three to four days maintaining billions in an account that bears interest. I would love to have a system that works directly with the management system acting as a cash register. It certainly would save time in the office cross checking . Does the system read the figure off of the invoice or is it a type in? When there is an in house charge does it include that taxable amount in the month end figure for state payment or is it adjustable? Is this a company that's going to continue to deal with mitchell or is mitchell going to kick it free like sears did with discover. I trust Mitchell and really never question anything that they recommend or sponsor., That's the way i like it, simple and comfortable. When companies start adding outside services that they only have partial control over i get a bit edgy and it starts to effect how i feel about the base company.

We negotiated a contract with them, Told them we don't sign with credit card companies unless there is no termination fee. My opinion is, If they do well and keep rates reasonable, we will stay with them and there is no need for a yearly contract.

No fancy promotions or anything with x-charge, they show the numbers plain and simple, no hidden charges. Very simple to read and understand. Not sure about how long they keep your money, but I believe the batch is closed and deposited that night or the next day.

The system reads the invoice dollar amount off the pay/post screen so you don't have to type it in. However if you want to change the amount, change it in the pay/post screen and x-charge will follow.

Don't feel edgy with Mitchell, You have the option to accept or decline this service. Just an added feature that has worked very well in our shop.

Cory wrote: Don't feel edgy with Mitchell, You have the option to accept or decline this service. Just an added feature that has worked very well in our shop.

Regardless of how great the vendor is, you should always trust, but verify. Read your contract - what is said by the person selling the item is based on their understanding of the item or contract being discussed - what is written is how things will go down should a problem develop.

UPDATE: Our product manager is out on a special assignment for a few days; an X-Charge rep attempted to reach Spencer about this today but he was out. They should be getting together tomorrow.

I saw a post about check scanning. With the amount of checks i do and the ones that go bad it's still cheaper to not use a check service. I get hit once and a while but when i computed the cost of check scanning to the amount i got stuck with the stuck amount was less even when i added a modified office charge. Now i have a reputation of putting bad checks in an add with the local paper. I'll send the person a letter explaining of what i was going to do with the heading. I've been successful in collecting most of the bad checks plus the fee. I charge 50 bucks for a bad check even if the check is for a 15 dollar tire repair. When i receive a check from a closed account all bets are off, I hear bad things happen. I heard that someone threw a ham through the back window of a house while the people were away for three weeks. Karma baby. When you get deliberately screwed by someone the list is usually real long.

About check scanning. My bank has a check scanner that allows me to scan it and I have my money in the back the very next morning. I dont do a lot of check but they have this low volume offer. It cost me $50 and month for the service. They provide the hardware. I figured I probably break even on the fee when you consider time away from work and fuel to go to the bank. The nice thing to is I can deposit using the scanner till 7pm and it is still considered the same business day. That has been a huge help at time when cash flow has been bad.