Electronic Check Conversion converts a paper-based check to an electronic
transaction at the point-of-sale. The check information is then
transmitted via electronic equipment to a national verification
database where it is evaluated against negative information. Within
seconds a response is sent back to the merchant. A receipt very
similar to a credit card transaction is generated and the customer
signs it, thereby authorizing the electronic collection of funds
to the merchant. The check information is then stored and the transaction
deposits are routed to the merchant’s account within 48 to
Convenience is important to everyone, not to mention our merchants.
Electronic Check Conversion gives the merchant just that - only it’s
convenience with a guarantee. This check conversion process not only
processes the check electronically allowing the merchant to forego
trips to the bank, but it also guarantees the approved transactions.
With this program the merchant simply accepts the checks and the check
conversion program does the rest! The merchant can now accept & process
checks just like they accept & process credit cards.
This program not only offers electronic check conversion, on-line
transaction viewing and customized detailed reporting are also
offered. With the
reporting feature the merchant is able track all of their transactions
through a secured on-line system that is available 24 x 7. The
reporting capabilities of this system also allow the merchant
reporting features, thus enabling detailed information in the format
prefers. This program takes all of the guesswork out of accepting
checks and manages the process for the merchant.
The computer savvy criminal has joined a new growth industry: The
counterfeiting of virtually undetectable fraudulent checks using
a regular PC, a laser
printer, and blank check paper available at almost any stationery
store. Chemical Bank of New York reported a 50 percent increase
checks last year and Wells Fargo admitted that transactions involving
fraudulent checks rose an alarming 500 percent. Counterfeit checks
are out of control during these times.
Although, consumers now carry credit cards, debit cards, and
cash, checks remain the single most dominant form of payment.
billion checks were written last year and continue to grow
at a rate of 2%
to 3% annually. Did you know that 61 percent of the buying
public does not have a major credit card and that 83 percent of all
personal checks when shopping. As a successful retailer it
important that you accept checks openly and freely without
fear of loosing
profits because of bounced checks in today's check writing