French checks for merchants
Accepting payments with French checks is in private beta.
Merchants can accept payments using French checks if the debtor's bank is located in France.
About French checks for merchants​
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 if they activate this payment method for accepting payments.
There isn't a Swan user interface for accepting checks. This feature is only available using the API.
Required API fields​
When declaring checks with the API, there are five mandatory API 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.
On the back of the check, the merchant must write their Swan account number as well as provide their signature.
Rolling reserve​
Rolling reserve is a policy Swan applies to merchant transactions to protect the merchant and Swan against various risk factors, primarily insufficient funds and attempted fraud. The reserved amount acts as a safety net to cover potential loss for both Swan and the merchant.
Rolling reserve is expressed as a percentage over a period of time (example: 10% of the payment amount over 30 business days), and applies to most payment methods used by merchants to accept payments with Swan.
For the indicated period of time, the amount isn't part of the merchant's available account balance, after which the funds are released to the merchant and can be used.
Rolling reserve is held in a non-interest bearing reserve for transparency between Swan and merchants, therefore reducing the risk of a conflict of interest between the two parties.
| Payment method | Rolling reserve | Default amount |
|---|---|---|
| French checks | ✓ Yes | 100% over 10 business days |
Settlement date and booked time​
Checks are booked 2-3 business days after they arrive at the check processing center.
R-transactions​
Rejected​
Checks can be rejected by Swan's check provider and returned to the merchant by mail. They'll receive helpful information about why the check has been rejected, and then they can fix and resend the rejected checks.
Before resending the rejected check, the merchant should create a new checkIn transaction.
If they send the check without creating the new checkIn transaction, the check remains rejected and will be returned to the merchant again.
Additionally, all checks not sent to Swan's check provider within 30 days of being declared will be automatically Rejected.
A check transaction can be rejected for the following reasons:
| Rejection reason | Explanation |
|---|---|
AmountMismatch | Amount on the check and amount declared through the API don't match |
BeneficiaryMissingOrIncorrect | Merchant's name is missing or incorrect |
CheckReceivedLate | Check was received by Swan's check provider more than 30 days after the check was declared, or if Swan's check provider received a canceled check |
DateMissing | There's no date on the check |
DateInvalid | Date on the check is in the future or isn't valid |
DebtorNameMissing | Debtor's name (merchant's customer) must appear on the check |
EndorsementMissing | Merchant didn't sign the back of the check or provide their Swan account number |
InvalidOrMissingAmount | No amount is written on the check, the format shows an invalid amount, or the amount is shared in the wrong format (numbers instead of letters) |
SignatureMissing | Signature is missing, or there was a problem with the signature |
SuspiciousCheck | Suspicion of fraud |
Returned​
Checks can be returned up to 11 business days after the transaction is Booked, and this window can be extended to 90 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
- Account closed
- Loss or theft
By the time a check is returned, the merchant's account has already be credited.
Therefore, when Swan is notified that a Booked check has gone unpaid, a checkInReturn transaction is created automatically.
Canceled​
Creditors can cancel a received check with the Upcoming status.
In this case, the check status switches automatically to Canceled.
This transaction won't impact the account's available balance.