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French checks for merchants
French checks are currently in private beta.
Merchants can collect payments using French checks if the debtor's bank is located in France.
While paper checks are not the most convenient or secure payment method, they are still a valid way to exchange money. Some users prefer checks, and merchants can accept French checks with Swan's Merchant Payment Collection feature.
Note that there is no frontend for French checks; this feature is only available using the API.
When declaring checks with the API, there are five mandatory fields:
amount: monetary amount of the check (can't exceed 10 000€)
currency: EUR (only euros are supported)
CMC7(Caractères Magnétiques Codés à 7 bâtonnets): 31-digit code composed of 3 series of numbers
- Series 1: check number; 7 digits
- Series 2: interbank codes; 12 digits
- Series 3: account number; 12 digits
rlmcKey(Recomposition de la Ligne Magnétique du Chèque): 2-digit code surrounded by chevrons
< >or parentheses
( )calculated based on the CMC7
merchantProfileId: your developers should enter the merchant's profile ID number
Rolling reserve is a policy Swan applies to merchant transactions to protect the merchant and Swan against various risk factors, primarily insufficient funds. The reserved amount acts as a safety net to cover potential loss for both Swan and the merchant .
Checks received by the check provider by 09:00 CET/CEST should be processed the same day.
Days are measured as business days. Time is expressed with the 24-hour clock.
Checks can be returned up to 10 business days after the transaction is
Booked, and this window can be extended to 60 calendar days based on the reason for return.
A check transaction might be returned for the following reasons (this list is not exhaustive):
- Insufficient funds
- Loss or theft
- Fraudulent usage
- Problem with the signature
By the time a check is returned, the creditor's account has already be credited. Therefore, when Swan is notified that a
Bookedcheck has gone unpaid, a
checkInReturntransaction is created automatically.