Check Processing
What is electronic check conversion?
Electronic check conversion is a process in which a customers check is used as a source of information to complete an electronic payment. The check number, account number, and the number that identifies the financial institution is scanned and processed like a debit card transaction. The check itself is not the method of payment, just the means of getting the information for the transaction.
Electronic Check Processing with Check Guarantee
With check guarantee, when you scan a check, the funds are guaranteed if the check is approved during the check conversion process.
- Eliminate bad checks
- Eliminate bank trips
- Eliminate bank deposit fees
- Cheaper than credit card processing fees
- Spend more time growing your business
Check conversion process:
- The Consumer presents completed paper check for payment.
- Using an imager, the Merchant scans the check to capture all information.
- The Merchant adds the payment amount and electronically submits the transaction.
- The paper check is stamped “VOID” and returned to the consumer (along with a copy of the receipt).
- Only personal checks written against a U.S. bank account can be converted. Business checks, government checks, cashier’s checks, etc. are not accepted.
- The paper check must be captured with a scanner/reader. Check data cannot be manually entered or keyed.
- The consumer must be notified that their paper checks will be used to make an electronic conversion.
- The check must be stamped VOID and returned to the consumer.
- Customer’s name, physical address, home or cell phone number and drivers license number must be written on check prior to scanning.
What kind of equipment do I need to process checks electronically?
We offer a wide variety of check scanners for every type of business. Ask your agent about the different check processing solutions available for your business.
