Talking the Talk
Confusion about electronic check services is understandable. Remote deposit capture, remote check capture, back office conversion, electronic check conversion – these are just some of the terms used by ISOs, merchants and bankers to describe the process of truncating paper checks, then clearing and settling those payments through electronic networks (e.g.: the ACH or check clearing network).
Solution- How It Works
The application is a Web-based user interface that includes imager interfaces to the majority of scanners available in the marketplace today. Our solution incorporates ACH Origination, back-end processing and remote deposit. In most settings, both ACH and remote deposit services are utilized, since it is still more economical to clear payments through the ACH network. Our solution provides you with a decision database for ACH eligible items, enabling you to accept and electronify all check types and have them routed to the most appropriate end-point for processing.
Whether you are looking to centralize your processing for a single or multi-location, the application supports an account hierarchy based on your security privileges.
Immediate Benefits Realized:
- Fewer deposit runs (needed only for non-U.S. checks and cash), which should reduce courier fees and staff time
- Increased funds availability (in many cases)
- Ability to reduce the number of bank relationships
- Simplified concentration of deposited fund
Between 2006 and 2009, consumer-to-business checks dropped by more than 25 percent, declining from 17 billion to 12.3 billion. At the same time, the number of B2B checks was down by less than 5 percent over the same time period, dropping from 8.3 billion to 7.9 billion, according to the 2010 Federal Reserve Payments Study.