Electronic Check Service is an integrated authorization, settlement, and collections solution where a merchant runs checks through magnetic ink character recognition (MICR) readers at the point of sale, returns the paper check to the customer and settles the items via the ACH network.
This solution allows a company to accept checks at the point of sale while receiving many of the benefits they typically enjoy with electronic payments.
The benefits of Electronic Check Service include:
Eliminate Paper Checks at the Earliest Stage
This eliminates the need to securely handle the checks, manually create deposits, and reduces trips to the bank.
Authorization/Guarantee Services Reduces Bad Check Losses
Every check is analyzed by an advanced verification system to provide a greater level of assurance that the payment will clear the customer’s bank account. An added level of protection is a guaranteed service that will provide full payment of verified, qualifying checks should they be returned.
Reduce Bank Fees
Float and bank fees may be reduced, as may other indirect costs such as those from eliminating internal collections efforts.
Increase Speed of Payment Process
Improves speed of payment process as some customers will no longer fill out their check before handing it to the cashier, and cashiers are freed from the need to write additional information on the paper check, as required by many businesses.
As customer’s payment options continue to evolve, the challenge will increase for businesses to meet those needs. Electronic Check Service is an ideal way to continue to offer the customer the ability to pay by check while converting your business to a more efficient, cost-effective process.