Electronic Check Conversion at the point of sale (POS).

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Point-of-Sale Electronic Check Conversion

Electronic Check Conversion converts a traditional paper check into an electronic item at the point-of-sale and processes it through the Federal Reserve's Automated Clearing House (ACH). Electronic Check Conversion saves time and money and can eliminate the risk of NSF checks. A check is now as hassle-free as a credit card transaction. It's more efficient and secure. Last year 32,000,000 paper checks were converted to electronic checks!

How it works: When a customer makes payment with a check, the paper check is run through a check reader where MICR (Magnetic Ink Character Recognition) information is captured. The transaction amount is entered on a terminal keypad. The check is verified against a negative database for acceptance. Upon approval a receipt is printed for the check writer to sign authorizing the electronic conversion, much the manner a credit card transaction takes place.

The transaction is electronically transferred through the ACH network where funds are debited directly from the customer's account and deposited automatically into the merchants' account in 24-48 hours.

Benefits of Check Conversion:

	Faster check processing.
	Bank consolidation: funds can be centralized, while converted at separate (multiple) merchant locations.
	Checks are electronically deposited in your account. No more trips to the bank. No more check deposit slips to complete.
	Eliminates lost or stolen checks.
	Check verification is built-in.
	Eliminates NSF bank fees.
	Advanced reporting.
	Eliminates bank deposit fees.

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74% of all non-cash transactions are made by check

Check Conversion FAQ's:

Q: How is Check Conversion different from a debit transaction?
A: Debit transactions are processed through ATM networks, where a card number is required to link to the correct bank for payment. Check Conversion employs existing infrastructure using MICR data from the check and running it through the ACH network.

Q: Does this mean checks will go away?
A: Absolutely not. Consumers write more than 60 billion checks in the U.S. annually. Experts believe that total will grow to 70 billion by end of the year 2000.

Q: How have consumers responded to check conversion?
A: With thousands participating in multiple programs, the National Automated Clearing House Association (NACHA) has indicated the consumers have been "neutral to very positive" toward check conversion. Broad acceptance of this system is viewed by industry leaders as a natural progression.

Q: Will the customer's checking account be secure?
A: Yes. By law, financial institutions regard customer information as highly confidential. A traditional paper check is handled by many people in the payment process before it ever gets to the bank. Check conversion means only the customer and the cashier ever view account information.