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Electronic Check Conversion
![*]() Electronic Check Conversion
is the process of converting a paper based check into an electronic
transaction at the point-of-sale.
The check information is then transmitted via electronic equipment
to a national verification database where it is evaluated
against negative information. 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, thereby
authorizing the electronic collection of funds to the merchant.
The check information is then stored and the transaction deposits
are routed to the merchant's account within 48 to 72 hours.
Merchant account holders usually appreciate
the overall convenience, and safety, of accepting a form of
payment that is absolutely guaranteed. Electronic check conversion
process not only processes the check electronically, allowing
the merchant to forego trips to the bank, but also guarantees
the approved transactions. With this program the merchant
simply accepts the checks and the check conversion program
does the rest! Merchant's can now accept & process checks
just like they accept & process credit cards.
This program offers electronic check conversion and on-line
transaction viewing and customized detailed reporting. With
the new reporting features merchants are able to track all
of their transactions through a secured on-line system that
is available 24 x 7.
The reporting capabilities of this system also allow merchants
access to customizable reporting features. This gives detailed
information in the format most merchants prefer. This program
takes all of the guesswork out of accepting checks and manages
the process for merchant account holders.
Here are some advantages to using Electronic Check Conversion:
- Money is deposited into your account faster
- Reduces paper check handling, like eliminating the need
to deposit checks at your bank
- Eliminates risk of losing or having paper checks stolen
- Returned checks are reported sooner so you can collect
more effectively
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