Electronic Check Conversion:
REDUCES BAD CHECKS
Electronic Check Conversion greatly reduces the cost, time, and risks associated with check acceptance at the point-of-sale (POS). ECHO converts paper checks into electronic items, so you don't have to deposit checks at your bank. This means that you get your money faster and you can detect problems with specific accounts sooner.
QUICK FACTS
- Simplified handling - No listing and balancing of checks and no deposits at your bank.
- Faster funds availability (48-72 hours) than is usually available with paper checks.
- Checks are electronically deposited.
- Monthly activity statements and on-line reporting available.
- On-line viewing of checks allows you to research returned items.
HOW IT WORKS
Your customer presents a paper check at the point-of-sale.
Your clerk feeds the check through a terminal with an imager where the MICR information is captured.
The check is verified. If negative information is found, the check is not accepted.
An authorization slip is printed for the check writer to sign, this allows the paper check to be converted into an electronic transaction.
The check is then immediately returned to the consumer stamped "void".
The transaction data is electronically transferred through the settlement system where funds are debited directly from the writer's checking account.
Settlement is made with the merchant and credit transaction deposits the purchase amount into the merchant's account within 48-72 hours.
BENEFITS
- Faster check processing.
- Bank consolidation: funds can be centralized, while converted at each retail location.
- Checks are electronically deposited in your account. No more trips to the bank. No more check deposit slips to complete.
- NSF and other returned items are discovered faster, expediting the collection process.
- Quick detection of check fraud reduces your exposure to the intentional bad check writer.
- Eliminates lost or stolen checks before deposit.
- Check verification at no additional cost.
- Immediate reports through each point-of-sale terminal.
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