In the transport industry you may have undoubtedly been aware of comcheks. But simply commencing it might be a little confusing to determine exactly how a COMCHEK ™ works and why organizations utilize them. A COMCHEK are a form of cost most frequently utilized by freight brokers to cover contract providers, and work in an identical method to a regular check however with some variations.
Present Requirements
A payer (shipper or a brokerage) that has had a free account with COMDATA, dilemmas COMCHEKs to drivers for solutions rendered or as an energy advance plus they do so in a kind of an Express laws for a fixed quantity. The present Codes vary long, generally from 14 to 18 digits in total, but will always be only rates maybe not characters.
As soon as the payee (trucking providers) receives their own specific rules they’ve got a number of options to get their money. Comcheks is cashed at truck prevents or any lender so long as Comchek blank occurs.
Whenever placing straight into the lender, the payee must phone the toll-free telephone number offered by COMDATA for consent for the Express laws. The payee cannot money the COMCHEK until he’s also known as Comdata receive an authorization number, perhaps not this will cause the check to jump and force you to sustain insufficient resources charges by the lender. Once COMCHEK blank is done you can use it a normal check and even cashed without any charge. Speak to your bank for added support processing COMCHEKs.
COMCHEKs tends to be cashed at vehicle ends when buying gasoline, but some places will recharge a running fee if you’re not getting any energy around. Consider GoComchek for stores that take COMCHEKs.
COMCHEK Contact Number: (800) 266-3282
COMDATA Notes
Trucking organizations may also consider creating their account with COMDATA to point COMCHEKs with their drivers. It provides a convenience and flexibility observe driver purchasing. Making use of the COMDATA account a trucking providers comes with the option to point cards on their people that actually work much like an ATM.
In comparison to charge cards, deal charges for COMCHEKs are much lower. With respect to the levels and volume, charges can be only $4 per $1000. COMDATA expenses an appartment fee for COMCHEKs and rates per $1000, indicating they cost exactly the same to escort Arvada problem a $20 COMCHEK since it would for $1000. It is really not uncommon for a few agents to mark up the price of COMCHEKs, most common being $10/$1000 however in some instances as high as $40 for an individual COMCHEK.
Pro’s and Con’s of COMCHEKs:
- Comcheks allow truck people freedom from holding large volumes of money easily accessible.
- Comcheks equip in order to get cost faster and boost income while on the road.
- Comcheks often have a processing charge. Costs enhance with higher fees amounts.
- People can get a Comdata levels might put their unique costs into that membership also.
The Your Questions About COMCHEKs:
No! as soon as a comchek is cashed or perhaps is placed to a lender with an agreement numbers the issuer cannot quit cost upon it.
Should you not curently have a free account with Comdata – it is possible to call their unique toll-free quantity and consult customer service. Possible “purchase” a comchek with credit cards but costs will use.
Present codes may vary in total, nearly all are 14 or 18 digits very long without any characters.
“P” – ways you want the comchek fee included through the last amount
“L” – ways need the comchek charge subtracted through the last levels
$1000 comchek with “P” – implies that $1004 should be deducted from account holder – but $1000 will be presented on individual. $1000 comchek with “L” ensures that $1000 shall be subtracted through the levels holder – but $996 will be presented with the individual
T-Chek are a competing product to Comchek and it is granted by EFS. They work in a similar manner as comcheks. Find out about T-Cheks here.
These 2 terms utilized interchangeably but Comdata business retains the trademark to COMCHEK since 1974. Per the US Patent and Trademark Office, COMCHEK is for “ISSUING MONITORS AND AUTHENTICATING THE CASHING OF SUCH MONITORS through TELEPHONE VERIFICATION TO PARTICIPATING PEOPLE “
