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Customer wants to pay with Convenience Check

Is it any more risky than accepting Credit Card?

     
7:32 pm on Aug 11, 2009 (gmt 0)

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I have a customer that wants to pay with one of those Credit Card Convenience Checks, and I'm curious if anyone has any experience accepting those as payment.

I know that it's a bad idea from a purchaser's perspective-but I'm curious if it's a bad idea from a merchant's perspective.

Anyone accept them? Everyone accept them?

8:33 pm on Aug 11, 2009 (gmt 0)

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I've never accepted them (never had anyone ask ti use one), but I would guess is that the risks are similar to accepting personal checks. The credit card companies always tout that using them is "just like writing a personal check."

On the plus side, you save CC processing fees and (as far as I know) the consumer can't issue a charge back. (But I think they could always do a stop payment, like with personal checks.)

9:37 pm on Aug 11, 2009 (gmt 0)

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They are just like normal checks (cheques), except the money is paid for from their credit card account as opposed to being funded by a normal current/ checking account. There isn't the risk of chargebacks and your bank will treat them as normal checks.
9:42 pm on Aug 11, 2009 (gmt 0)

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There isn't the risk of chargebacks and your bank will treat them as normal checks.

This includes if they are fraudulent or stolen. The bank will treat them as normal checks, as in not paying.

If they have the card, why would they use the check? If they don't have the card...

9:51 pm on Aug 11, 2009 (gmt 0)

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If they have the card, why would they use the check?
In many cases, they offer a special interest rate for purchases made with the checks. (But if you read the fine print, they usually hit your with a service fee for each check. That "0% interest" for 1 year may actually cost you 4% as soon as you sign the check!)
10:30 pm on Aug 11, 2009 (gmt 0)

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Got it-so the standard two week waiting period for checks should cover me. Thanks for the rapid responses!
 

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