Benefits of Electronic Check Conversion (ECC)

Electronic Check Conversion (ECC) streamlines payment processing and reduces paperworkRecent developments in check technology now make it even easier for a business to accept and process check payments. That's good news for consumers, many of whom favor checks as an easy-to-use payment method. It is also great news for businesses that wish to streamline paperwork and reduce costs to process payments.

Electronic Check Conversion (called ECC) or Electronic Check Processing can be utilized at the point of sale or from the back-office when used to process checks mailed in or presented as payment for a doctor's visit or invoice payment, for example. Electronic Check Processing provides a fast and easy way to accept checks and speeds up the deposit process by eliminating trips to the bank. Verification and guarantee services may be added to the processing service to help reduce risk and increase revenue.

At the point of sale:

  • The customer writes a paper check
  • The check is put through a check reader or imager capturing check information
  • The clerk enters in additional information
  • The check may be verified or guaranteed (depending on the payment provider)
  • A receipt prints for the check writer to sign
  • The check is returned or stamped void
  • The check information is uploaded to the payment provider for processing and deposit to the merchant's account usually within 1-2 business days

For mailed-in checks:

  • A check is sent in for payment
  • The check is put through a check imager capturing check information
  • Check information is entered and confirmed
  • The check may be verified or guaranteed (depending on the payment provider)
  • The check stamped void and retained
  • The check information is uploaded to the payment provider for processing and deposit to the business' account usually within 1-2 business days

Electronic Check Processing offers merchants and businesses several benefits including:

  • Eliminates the need to take checks to the bank
  • Guarantee programs are available that eliminate claims and keep the merchant account whole
  • Can speed up deposits if not currently banking daily
  • Bank consolidation: Funds can be centralized to a main account, while converted at each retail or office location
  • NSF and other returned items are discovered quickly, expediting the collection process
  • Eliminates check deposit slips to complete
  • Reduces chance of lost or stolen checks before deposit
  • Some payment providers make account activity available online for easy record keeping

More industry information on Check Conversion:

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