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E-CHECKS
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ELECTRONIC CHECKS ARE HERE!
Will That Be Cash, Charge or Electronic Check?
Merchants can now convert a paper check at the point
of sale into an "Electronic Check" (Electronic Funds Transfer or EFT).
Until now merchants have had to rely on a paper-based
check clearing system that is slow and costly to receive final payment or to receive
notice of a return check.
The "Electronic Check" can:
1. Speed up the entire check handling process
2. Eliminate the delay in the time from original presentment to
the actual receipt of the return check notification from as much as 10 days to as little
as 48 hours. 3. Dramatically improve the merchant's ability to prevent and
collect returned items and control check fraud.
The costs of processing paper checks has steadily
increased as volume has grown. Retail merchants can realize significant savings from
converting from paper to electronic checks. Such costs as deposit preparation,
transportation, check clearing fees, return item handling, collection efforts and fraud.
"Electronic Checks" mean:
- fast turn-around in payment time,
- a reduction of paper expense,
- and a dramatic increase in collection percentages.
According to Elliot McEntee, President and CEO of NACHA, "This innovative program will make it easier to handle high volumes of
paper-initiated transactions. At the same time, consumers will find the system convenient,
reliable and easy to use."
Check Processing, Inc. offers the most
sophisticated and cost-effective point of sale check conversion on the market. As one of
the first companies to develop the "Electronic Check" system, CPI is light-years
ahead of the competition.
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