The check is guaranteed by the check guarantee services vendor. The authorized service center deposits the check, receiving funds from the check guarantee vendor.
The check guarantee vendor receives funds plus service charges ranging from 2-6% from the trucking company. For fleet operations truckers are provided with a pre-coded set of checks for the trip. The checks can be guaranteed directly by the check guarantee center, reducing response time from five minutes to less than one minute.
Latest service offerings include electronic verification/guarantee transactions. Terminals with modems and attached check printers permit verification/check guarantee transactions to be accomplished in well under one minute.
Data terminals utilized by trucking company dispatchers enter driver/route/funds allocation in the host processor data base at the verification/guarantee operations center.
Plastic cards are used for fleet fuel purchases— further speeding up the check guarantee transaction. Transaction data is used or creating a fuel price data base highlighting the most economic place to buy diesel in a given area.