Electronic Check
Conversion:
Increase employee productivity and improve customer service using our
Electronic Check Conversion service. Electronic Check Conversion (ECC) converts
a traditional paper check into an electronic item at the point-of-sale and
processes it through the Federal Reserves Automated Clearing House (ACH). With
electronic check conversion, paper checks are converted into electronic
transactions at the point of sale. Instead of keeping paper checks until the
end of the day and creating a deposit slip, ECC takes the paper check and
processes it through the Federal Reserve's Automated Clearing House (ACH).
Electronic Check Conversion saves your business time and money while reducing
the risks of NSF checks. Your checks are now processed like a credit card
transaction yet more secure. Converting paper checks into electronic
transactions at the point of sale benefits both you and your customers.
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The POS check electronic conversion process:
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The customer hands you a paper check
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The check is put through a check reader capturing check information
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The amount of the check is entered
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The check is then electronically verified
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When the check is accepted an authorization slip is printed for the check
writer to sign
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You hand the check writer back their check
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The transaction is electronically transferred through the ACH system where
funds are debited from the check writers account and deposited into the
merchants account.
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Benefits of POS electronic check conversion:
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Faster check processing
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Bank consolidation: funds can be centralized, while converted at each retail
location
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Checks are electronically deposited into your account no more trips to the bank
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NSF and other returned items are discovered faster, expediting the collection
process
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Eliminates bank deposit and NSF fees
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No more check deposit slips to complete
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Quick detection of check fraud
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Eliminates lost or stolen checks before deposit
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Check verification at no additional cost
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Immediate reports through each point-of-sale terminal
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