CHECK CONVERSION (Check Verification Included)
Consumer'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 date.
- 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.