One of the fastest growing types of ACH processing is the use of Check Conversion services. While companies and consumers retain the option of making payments to your business using paper checks, your business benefits by utilizing Check Conversion to process those payments electronically. Check Conversion has made the nation’s payment system more efficient, created savings for businesses, and provided greater protections for consumers.
GETTING STARTEDYour business will immediately begin saving money using Check Conversion. Getting started is easy, requiring minimal effort or time to get set up. We will guide you through the application process and will also help you answer any questions or concerns your customers may initially have about the Check Conversion process.
BENEFITS
Check Conversion is safe, simple and smart, reducing the time and resources needed to process payments which results in ongoing cost savings to your business. Using Check Conversion minimizes the number of returns and reduces errors. Instances of fraud are extremely rare using the Check Conversion process and any occurrences have been quickly resolved.
Message authentication codes, encryption, and other security procedures ensure that Check Conversion payments remain private and confidential. The ACH system has been in existence for over 30 years and is a closed, private network not accessible to the general public and not a part of the internet, making it an extremely safe network for processing payments.
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| What People are saying
The costs of accepting, processing and handling paper checks are extremely high. Estimates for the real cost of a paper check range from $0.75 to $3, and average $1.22 per check. For electronic checks, the cost decreases to a range of $0.32 to $0.70 per check.
While the various Check Conversion applications are processed similarly over the ACH network, there are different applications depending on the environment in which you’re processing checks. ARC (Accounts Receivable Entry) is used by billing companies, while POP (Point of Purchase) refers to checks converted at cash registers in retail environments.
Check Conversion for bill payment (ARC – Accounts Receivable Entry) has proven to be the most successful electronic payments transaction type ever. In two years, Check Conversion (ARC) transactions have increased from 20 million to 1.3 billion. In 2004, ARC volume grew almost 700%, according to a report by research and analysis firm Financial Insights.
Regulations Governing Conversion
The Federal Reserve’s Regulation E and the ACH Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA’s Operating Rules, consumers have greater account protection when their checks are converted than when a paper check stays a check.
This material reproduced from www.electronicpayments.org with the permission of NACHA.
Copyright ©2006 NACHA.
All rights reserved.
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