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Electronic Check Conversion
Electronic Check Conversion is the changing of a personal paper check into an electronic check. The check becomes an Electronic Funds Transfer (EFT) and is processed through the Automated Clearing House (ACH). 
The ACH is the federally regulated electronic payment network used by 95% of US financial institutions.
Businesses can save time and money by converting checks received at the POS or in the mail to electronic debits.
How Does It Work?
Merchant receives check for payment of goods at the POS or via mail. A check reader or other optical device scans the check. The volume of checks processed is a key factor in deciding hardware needs. Smaller volume merchants might best be served by a system that requires some data entry. Larger companies may opt for a hardware configuration that automates the entire process. It is important to understand that each company has unique needs and consequently a unique solution. Hardware costs can vary. When the batched checks are read they are then transmitted to the processor for presentment through the ACH. Payment is made to the merchant in 24-48 hours. The process is fast and easy to perform: no more bank runs, lost or stolen checks.
What Are The Benefits?
The ACH will transfer the funds electronically. The funds will be transferred into the merchant account in 24-48 hours. Neither the merchant nor the bank has to process a single paper check. Low transaction rate. Low NSF fee. No deposit slips to fill out. No lost or stolen checks to worry about. No bank runs to make. No bank deposit fees. NEVER an NSF or processing fee from the bank to the merchant. NSF checks will show up in several days as opposed to weeks. You can redeposit immediately. Reduced handling costs. This program is about money - you get your money a lot faster and improve your float time.
Because of the unique needs every business has we would need more information to suggest a solution to your needs. Contact us for your solution.
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