Last week we covered the topic of electronic check verification so now we are moving on to electronic check conversion. Traditional check acceptance requires a business to physically deliver checks to the bank for deposit. What if you didn’t have to travel to the bank to deposit your checks? What if your deposits were electronically transmitted to the bank for deposit? Would that time savings amount to more revenue for your business? If so, electronic check conversion could be a time saver and money maker for your business.
What is electronic check conversion?
An electronic check conversion system allows your business to scan the customers check creating a digital copy of the check. The system then stores the check image for electronic deposit into your business bank account. Once the check is scanned it can be returned to the customer with the receipt. You no longer have to hang on to the customer’s check which eliminates the risk of losing the check prior to deposit.
Combining electronic check conversion with check verification and guarantee ensures that your business is protected from check fraud and risk of insufficient funds. With a check verification service, the system contacts the customer’s bank account as soon as the check is received to make sure the account has the funds necessary to complete the transaction. If successful the system provides an approval code stating that the account has funds. One thing to keep in mind, if the customer were to go to their bank and withdraw all the money in the account before the deposit is made the check could still bounce. A check guarantee system can protect your business from this scenario.
A check guarantee system guarantees the funds to your business regardless if the check bounces. This service provides peace of mind if you accept a lot of checks or have issues with customers writing bad checks.
Would you like information on our check conversion service?