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Check Verification and Processing Check Verification | Check Guarantee | Check Conversion | Web Checks Electronic Check Readers and Imagers CR 600 6000i Mini Micr Mini Micr CR 1000 Check Imager Check Verification and Electronic Check Processing The “Electronification” of the Paper Check The check is not dead. In fact, it is still the most cost effective form of non cash payment in the retail sector and is safer than ever to accept. With check technology reaching new heights of authentication and fraud detection, checks are two thirds the cost of acceptance of credit and debit cards with the same level of security and ease. The check has since evolved from being a risky form of payment to a nearly non risk form of payment both in the retail and business sectors. In its simplest form, checks move money from checking accounts to merchant accounts using the ACH and Check21 networks (as opposed to the credit networks which carry high processing fees and discounts on transactions). This electronification of the check creates a low cost, low risk, highly secure form of electronic payment that is preferable to a credit card transaction by merchants. For businesses that receive their payments by mail, web, or over the phone, checks (or EFT’s) again pose an attractive solution that reduces payment costs and creates ease of payment for the customer. The paper check is merely an access device by which the checking account information is obtained to complete the electronic ACH or Check21 transaction. By converting the paper to electronic form, speed of processing increases as well as cash flow at a lower overall processing cost. For web based and telephone based payment transactions, the actual paper check is not required at all, only the bank routing number and account number are required (much like a credit card would be taken by web or phone). We have several software and hardware solutions available for electronic check acceptance depending on how your business receives payment from your customers. For point of sale merchants who are paid in person by their customers, credit card terminals with attached check readers are used to scan the check and convert it to either an ACH or a Check21 electronic transaction. For merchants that receive check payments by mail, checks are scanned by a check imager attached to a PC and batch settled directly to the bank via ACH or Check21. For eCommerce merchants that accept payments via web or telephone, we have several software based solutions that meet the complex needs of business merchants. Whatever your business model is, there is an electronic payment solution for you. Checks are a safe, cheap, and easy form of payment that can span every method and form of acceptance. Expand your business with expanded payment options for your customers. Explore the opportunities of electronic check acceptance and watch your cash flow grow. Expand your business with these check processing options…
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Merchant Credit Processing Solutions - 2700 Dawson Avenue, Signal Hill, CA 90755 |
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