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Electronic Check Conversion
For Business Owners Who Would Like to Accept Checks ...
but are Afraid of Getting Killed by Losses
Electronic check conversion - convert to a better way of doing business!
Tired Of Check Losses? Tired Of Waiting A Week To Actually Get Money From Checks?
If you're like most business owners, then you have a love-hate relationship with checks. You love them because customers insist that they want to use them, and as a result, accepting them can increase your sales. On the other hand, checks are a BIG PAIN IN THE NECK when they bounce or when it takes the bank a week to credit you for your deposits.
Now Take Checks Without All The Problems And Get Your Money FAST
With our electronic check conversion, you can convert a check into an electronic item at the point of sale. The electronic check is then processed like any other ACH - which means that transactions are settled and funds are transferred into your account, usually within four business days.
For generations, the paper check has served as one of the foundations of human commerce. Here, the check writer typically presents the paper check to the receiver who, in turn, has to go to the bank to initiate the transfer of funds - an easy, yet inconvenient task. Now, there is an innovation designed to bring paper check efficiency into the 21st century. Hello, electronic check conversion. Goodbye to the labor-intensive process involved with paper check handling.
In a typical electronic check conversion transaction, the following takes place:
Step 1 - The customer hands the cashier a paper check as is the usual sequence of events.
Step 2 - The cashier runs the check through an electronic reader, which captures vital information such as the bank account and routing number. The amount is entered on a terminal keypad.
Step 3 - The paper check is stamped "void" and returned to the customer.
Step 4 - The customer signs a receipt authorizing the conversion (and possible NSF recovery) to an electronic transaction. |
Our check conversion device has two features that make it stand "head and shoulders" above competitors' equipment, placing it on the threshold of electronic check conversion technology.
Equipped with automatic negative verification, a bad check writer may be flagged if he/she has written other NSF checks. The cashier receives a message that the customer is on a negative database, and thus may decide not to process the transaction. Assuming the check is approved, a receipt is printed for the check writer to sign authorizing the electronic conversion and recovery, if required.
Moreover, our check conversion device has an auto collect feature. This allows any NSF check to be redeposited electronically two additional times, which should take care of a large percentage of insufficient fund cases ( according to industry estimates). Now bad checks may be discovered in two or three days, instead of seven to nine days, further speeding the collection process.
Aside from improving collection, electronic check conversion improves efficiency and handling. Deposit slips need no longer be completed and bank trips become unnecessary. Business owners do not even have to worry about lost and/or stolen checks. All the information is stored electronically and deposited into your account. Bank consolidation is even possible: funds can be centralized, while converted at each retail location.
The benefits are staggering. Consequently, end the Paper Trail with electronic check conversion and travel the path towards greater cash flow and efficiency.
