Process Checks Just Like a Credit Card!
Changing Paper Checks to Electronic Items Benefits You and Your Customers
Now you can take advantage of electronic commerce to increase employee productivity and to improve customer service. CHEXpedite™ Electronic Check Conversion (ECC), converts a traditional paper check into an electronic item at the point-of-sale and processes it through the Federal Reserve’s Automated Clearing House (ACH).
Electronic Check Conversion saves time and money while reducing the risk of NSF checks. A check is now as hassle-free as a credit card transaction. It’s more efficient and secure. And it lets you focus more on running your business and taking care of your customers.
Ending the Paper Trail with ECC . . .
During the 1980s, technology revolutionized the payments world. No one uses a manual imprinter to accept credit cards any longer. Instead, merchants handle credit card transactions through EFT (Electronic Funds Transfers) using VeriFone or similar terminals. Paper checks have remained non-automated . . . until now!
Here’s how ECC works:
When a customer makes a payment with a check, the paper check is then run through a check reader where MICR (Magnetic Ink Character Recognition) information is captured. The amount is entered on a terminal keypad. The check is verified against a negative database for acceptance. Assuming the check is approved, a receipt is printed for the check writer to sign authorizing the electronic conversion and recovery, if required.
The transaction is electronically transferred through the ACH system where funds are debited directly from the customer’s account and deposited automatically into the merchant’s account, usually within 48 hours.
CHEXpediteTM Online Electronic Check Conversion Works Harder!
CHEXpediteTM Online Electronic Check Conversion with CHEXpediteTM Electronic Check Recovery.
When your customers pay by check, which is converted to an electronic item at the point-of-sale, occasionally those items may be returned for various reasons. With Electronic Check Conversion, you have an added advantage: our automated recovery system, Electronic Check Recovery.
Consumers write more than 60 billion checks in the U.S. annually. Experts believe that total will grow to 70 billion in 2000. Checks are here to stay.