Electronic Clearing House, Inc.
R E V E R B E R A T I O N S R E V E R B E R AT I O N S
June 2007
Vol. XII No. 6
CEO Joel (Jody) Barry Announces His Retirement
After twenty years of leadership at ECHO, CEO Jody Barry will be retiring
effective July 2, 2007. Mr. Barry has been a Director of ECHO and Chairman
of the Board since 1987. He served as Executive Vice President and CFO from
1987 to 1990, and in 1990 was appointed to his current position of CEO. "It
has been an honor to serve ECHO since 1986 in various capacities throughout
an exciting two decades of growth and development for the Company," stated
Jody Barry.
Upon Mr. Barry's retirement, President and Chief Operating Officer, Charles
J. (Chuck) Harris will assume the position of CEO. "We deeply appreciate Jody
Barry's many years of service to our Company," said Chuck Harris. "Jody has
been paramount to the Company's accomplishments over the past 20 years,
and we intend to continue his legacy and vision for ECHO. We wish him the
very best in his retirement."
Can I process my credit card
on my own terminal
to get a cash advance?
ANSWER:
In a word--the answer is NO. Using your own credit card
to get a cash advance is absolutely positively prohibited.
Though you probably have no malicious intent, this practice
is a violation of Visa and MasterCard rules. It is considered
such a serious violation that it could lead to the termination
of your merchant account.
o
o
o
o
Electronic Clearing House, Inc.
730 Paseo Camarillo
Camarillo, California 93010
1-805-419-8700
www.echo-inc.com
img
Getting the Credit They Deserve
It is an unfortunate fact of doing business that we live in an age where we must protect ourselves and
our businesses from employees and customers who seek to take advantage of us. Because of this, it is
important for you to monitor daily transactions, especially credits, to make certain that each transaction is
legitimate.
One way unscrupulous employees perpetrate fraud is by making unauthorized credits to their personal
credit cards or to cards of friends who are accomplices. The only way to timely identify activity like this
is by monitoring your transactions daily. It is so easy to become too busy to make time for this but it is a
precaution that shouldn't be left undone as the employee may continue or accelerate this activity if left
unchecked.
Customer Credits: Leading By Example
We at ECHO monitor credits seven days a week to verify that an off-setting sale was made for every credit
that is issued. This means that we make certain that there was an actual purchase made for which the credit
is being issued. As a merchant, you should follow this very same process.
You can get a report of daily transactions through your POS terminal (if
used) or through the online reporting. It is important to check over this report
daily and to make certain that everything adds up. Please call Customer
Support at 1-800-262-3246, ext. 1 if you would like assistance with this
process.
Precautions - Customer Credits
When a customer asks for a credit, we recommend that you verify that
they have both the item to be returned and its corresponding receipt. Give
your employees clear directions on how to handle these transactions so that
they can stand firm when someone tries to obtain an illegitimate credit. A
good rule would be to assign a manager to approve each credit transaction.
This is an added step that might make someone change their mind about
committing fraud.
"No Refund" Policies
While we're talking about credits, also consider this brief reminder on "No
Refund" policies. If you choose to institute a "No Refund" policy as a means
to protect yourself from illegitimate credits, you must have proper disclosure
of this fact at the time of the sale. "Proper disclosure" includes having your
refund policy printed in ¼ inch type on all your customer receipts. You also
must have a sign posted at the point of sale that clearly states your refund
policy. If these two rules are not followed, Visa and MasterCard will require
full refund rights for your customer on those transactions.
For more information on credits, please contact ECHO Security at 1-800-262-3246, ext 7.
ECHO merchants process on the Electronic Clearing House, Inc. (ECHO) network. ECHO is a publicly owned company trading on NASDAQ under
the symbol "ECHO". ECHO provides thousands of merchants with reliable processing of bank cards and checks. Merchants are sponsored by FIRST
REGIONAL BANK, Agoura Hills, CA (800-777-0929). Member FDIC.