I am a business owner that used Telecheck for almost 10 years paying for their service with bad check guarantee. April of this year a customer came in with a check for payment of about $725.00 we had been having some phone line issues and phone company was out with troubleshooting in progress so we called telecheck for approval.
My service counter person provided all required info over the phone and received approved and recorded the date time approval number and even the telecheck persons name giving the approval who said to deposit the check. When check did not clear the bank and was sent in for telecheck to provide the guarantee payment that we had been paying for for over 10 years they said they did not keep record of the data provided in the verbal approval and because we did not write the duplicate of what was provided telecheck over the phone to get the approval on the check that they would not approve the guarantee that they had already approved or we would not have taken the check. I still have not been paid and no longer take checks. I have also had good customer get their checks declined code 3 but could never get anything but a vauge reason never any specifics even with the customer present.
What a scam that I in good faith fell for and paid them for 10 Years.
Also one time some one for got to hit decimal point on $250.00 check and they billed for $25000 processing when it was declined claiming me it was worth it because they protected me from taking a $25K bad check. Beware business owners
Monetary Loss: $725.