Electronic Check Conversion
As more paper processing goes digital today, so too does check processing. Many businesses no longer accept paper checks. Processing checks electronically through electronic check conversion reduces labor costs, losses, float time and bank fees. It's just good for business!
If you still accept paper checks at point-of-sale, you should consider starting electronic check conversion (ECC) at your business to save on the costs of processing a paper check. Electronic check conversion converts a paper check into a one-time electronic fund transfer.
Advantages of electronic check conversion:
- Reduces the number of trips to the bank
- Reduces bank fees and processing costs
- Improves cash flow and operational efficiencies
- Streamlines back office operations
- Reduces the risk of lost, stolen or damaged checks
- Protects your customers' personal information
How it works
More businesses are choosing electronic check conversion as their preferred method for check processing because of its ease of use. The simple process works like this:
- The customer gives you a paper check.
- Q Solutions uses risk assessment technology and information from a national database to determine the risk of accepting the check.
- If the check meets set verification requirements, the paper check is converted into an electronic transaction at point-of-sale.
- The Automated Clearing House (ACH) network processes the transaction, and the funds are deposited directly into your account within two business days.
- You return the paper check to the customer at point-of-sale.
Learn more about the features of our check processing solutions: