Electronic Check Conversion
Save time, get paid faster, and never again worry whether or not a check is going to clear.
Electronic check services convert your paper checks into electronic deposits without a trip to the bank. This produces several key benefits including speed in processing, much more organized records, and better collect rates than simply sending a batch of checks to the bank.
With conversion with guarantee, your point of sale transactions can be “approved” on the spot just like a credit card and we accept the risk on the check clearing. If we approve it, your deposit is guaranteed.
- Back office conversion: Ideal for businesses who have to handle a large volume of checks. Back office conversion is the process by which checks are scanned in for deposit rather than manually brought to the bank.
- Point of sale conversion: For businesses that take a check as a form of payment in a retail environment, a point of sale conversion allows you to run the card through a check reader attached to your credit card terminal and instantly deposit it, or optionally, deposit with guarantee.
- Conversion with guarantee: Available for point of sale conversion in retail type settings, this service allows for a real-time “approval / decline” like with a credit card. If it approves, the funds are guaranteed to you, the collection is on us.
So why pay for electronic check conversion when its “free” to process a check manually? Simply put, its not “free” to manually process a check. If you only get the occasional check its nearly free, but if you deal with a volume of checks, the point of electronic check conversion is that it reduces your overall cost in the following manner:
- Save time: It’s not “free” to deposit a check. There is time spent bringing a check to the bank for deposit. There is also the manual process of making sure the check clears. You are currently paying to process checks one way or another.
- Save money: Reduce your banking fees by having checks batch deposited. Also, save bounced check fees.
- Get paid faster: By scanning them in, you typically save one day in processing the check, meaning the funds are in your bank account sooner.
- Better accuracy and reporting: checks are easy when they come in one at a time, but when they come in volume, you know tracking and reporting can become a headache. Electronic deposits generate a record that can be followed.
- Reduced losses: Account info is verified real time. Checks are instantly verified against a database of bad check writers, reducing bounced checks and fraud. And if the check does not clear, it will be resubmitted up to 3 times to improve collections.
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