Lancore’s third party cheque processing service provides Merchants with the ability to process their cheques in a variety of currencies including USD, EUR, GBP, CAD, AUD and NZD. Lancore are also able to transact cheques in currencies from the non-European Monetary Union (EMU) countries of Switzerland (CHF), Norway (NOK), Sweden (SEK), Denmark (DKK) and Cyprus (CYP).
The Management Charge Fee that Lancore impose for this service is calculated on a percentage basis, this charge will depend upon the currency, volume and value of the cheques that are processed. As well as their Management Charge Lancore will also levy a fee against any rejected cheques (insufficient funds, account closed etc) that are returned by the bank.
Lancore’s procedure for processing the cheques is relatively simple:
- The cheques are sent from the Merchant to Lancore’s UK office, usually by courier, on a basis that best suits the Merchant e.g. once a week, twice a week etc;
- All currencies are separated into batches of no more than 100 cheques;
- Each batch contains a ‘Batch Summary Sheet’ that details the number and value of the cheques contained within the batch;
Once Lancore have received the cheques they will then carry out the relevant inspection of the cheques and then send them off to the bank to be processed. Lancore will email the Merchant with confirmation of what has been processed, usually on the same day as the cheques have been received.
Lancore (lancorepayment.co.uk) will initiate the payout to the Merchant within 48 hours of receipt of the cheques. On the day of the payout a ‘Batch Reconciliation’ spreadsheet is emailed to the Merchant showing how the payment has been calculated. The reconciliation will also confirm the volume and value of the batch, details of any rejected cheques as well as confirmation of the charges imposed by Lancore.
Due to Lancore’s extensive network of banking contacts they are able to offer the cheque processing service at a very competitive rate as well as completely managing the whole merchant processing procedure. Lancore’s desire to advance and evolve is fast establishing them as a leading payment service provider.
To find out more about Lancore’s cheque processing service as well as the other payment services they provide you can visit their website.