Check Conversion

Check Conversion (Check Verification Included)

elec_processConsumer’s preferred form of payment “CHECKS”, is now more profitable than submitting debit or credit card transactions; so accepting them as payment is important to your business. Our Electronic Check Conversion (ECC) program works through our image and verification terminal that turns paper checks into electronic items. Electronic items are paid sooner than paper items. These services save time, money, bank processing fees, and bank return item fees. They also increase cash flow and there is no waiting 7 to 10 days for uncollected funds. Funds are settled through the Automated Clearing House (ACH) within 2 business days. If for any reason these electronic items are returned unpaid, such as insufficient funds they will be processed through our collection procedures.

Electronic Check Conversion:

  • Requires Imaging Equipment.
  • We will convert your checks into electronic items at the point of sale.
  • Stops repeat debtors, Increases cash flow.
  • If the check is returned unpaid we will collect through our Check Recovery program.
  • We will electronically deposit your funds into your designated account.
  • Exclusions: Business Checks and Payroll Checks.

Good For Your Customers Too

  • Speed and convenience at checkout.
  • Improved privacy … checks returned at point of sale minimize the exposure of personal check data.
  • Better record keeping … transactions details appear on bank statements.

Service Options Put You In Control

  • Conversion Only. The check authorization message is routed to the NCN check database to determine whether the account is open or closed.
  • Conversion with Verification. Checks are verified at your customer’s bank and given an accept or decline decision based on access to the NCN database.

Is The Paper Check Disappearing?

Increasingly, companies that send you bills (e.g. credit card companies, utilities, medical office, etc.) are converting your paper check payments into electronic payments. They call this “check conversion” and it is part of the evolution of the U.S. payments system that is becoming more efficient, less expensive, and less prone to fraud.

Check conversion occurs when your customers make a purchase at your business. Your customer pays by check and you convert the check immediately using the secure Checknet system. It is then imaged and returned back to your customer with the purchase receipt. They are protected by the same consumer protections that apply to their debit cards.

It may seem that the days of the paper check are numbered. Perhaps…but the banking system still recognizes that people want to continue using the familiar paper check for the foreseeable future, and are designing a 21st Century system that allows paper to work in the electronic world.

POP: Point-of-Purchase

This SEC Code is used as an ACH debit application by Originators as a method of payment for the in-person purchase of goods or services by consumers. These non-recurring debit entries are initiated by the Originator based on a written authorization and account information drawn from the source document (a check) obtained from the consumer at the point-of-purchase. The source document, which is voided by the merchant and returned to the consumer at the point-of-purchase, is used to collect the consumer’s routing number, account number, and check serial number that will be sued to generate the debit entry to the consumer’s account. This SEC Code enables ACH participants to readily identify point-of-purchase entries. For more detailed information click here.