I run a small business and inquired about a check guarantee prosseing at my bank Suntrust Bank. Suntrust referred me to Merchant Services who then reffered me to Telecheck.
Merchant Services and Suntrust work with Telecheck and Telecheck will mislead you you into believing that the rate will be about thesame as a credit card charge to process a check. In fact they charged y business $1865.76 to process $13091.85 which is about 14%. This is a ridiculous amount and I hope that you read the tiny print on their contract. i did not thinking that it was safe to believe the oral verbage of Virginia the sales rep after being referred to by a somewhat reputable large bank and credit card processer.
Once you have signed up there is no customer support. The charge to break the contract is 90% of the contract value.
Do yourself a favor and avoid this trap. It is safer to trust the check writer than to trust telecheck.
Monetary Loss: $1300.