Credit card processing and electronic check conversion have undoubtedly revolutionized the payments world. These are proven methods that can securely, accurately, and reliably handle the volume of payments generated everyday. Today, consumers have several ways of making payments for the goods and services they require.

Electronic Check Processing or ECP is a purely electronic solution available to qualified organizations, that have thousands of transactions per month, and who wish to reduce the volume of paper transactions. It is a process in which the check is merely used as a source of information such as the check number, your account number, and the number that identifies your financial institution. These figures are then used to make a one-time electronic fund transfer.

Here is how ECP works: You make a purchase at a store and pay by check. Instead of the check being manually deposited in a bank, and the money being deducted from your account in a couple of business days, the check is processed that very instant. The check is run through a machine or terminal, and its information is transmitted via electronic equipment to a national verification database. Within seconds a response is sent back to the merchant. A receipt very similar to a credit card transaction is generated and the customer signs it. The amount is debited to the store, as you can see later in your bank statement at the end of the month. The check is not listed with your other check transactions bust as an electronic debit transaction.

The benefits of an electronic check conversion are:
• Faster processing than a normal payment by check.
• You get a receipt and the voided check back instantly, as proof for the payment made.
• In an electronic check conversion, you have the right to an investigation by your financial institution when an error occurs.

The “Do’s” for electronic check conversion transactions:
• Inquire whether your check would be used for an electronic payment from your account or not.
• Find out whether any fee will be collected from your account electronically for the transaction.
• Make sure you get a receipt when you purchase at a store.
• Also, the same transaction must be listed on the statement you receive from your financial institution.
• Go ahead and ask your financial institution to investigate any electronic fund transfers from your account that you believe are unauthorized or incorrect.

ECP makes for convenience, which is critical to everyone. It allows merchants to forego trips to the bank, and is as good as accepting credit cards or debit cards. Now you can do business worldwide with a check!

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