Electronic Check Processing Machine An In Depth Explanation For Small And Large Size Merchants.
There was a time when mostly people used to give a paper check to a recipient. After that, a recipient carries a paper check to the bank to deposit it. This process will take days to process the check which means a payee must wait for days for check clearance. With the help of new technologies, we can overcome these kinds of problems. In today’s world, many payment processing services facilitate electronic check processing.
In this article, we will discuss about electronic check processing machine.
Before we start this topic, we have to know about electronic check processing. An electronic check is a form of electronic payment. It is similar to a paper check, but the only difference between them is their processing time and security. Paper checks are full of hurdles in terms of maintenance. It takes much time to manage them, but an electronic check is easy to handle and save too much of processing time. To use check service, a merchant should have a merchant bank account for their business purpose. And the merchant account must be approved for echeck and ach processing.
ELECTRONIC CHECK PROCESSING MACHINE: LETS UNDERSTAND
An electronic check is an online payment, and electronic check processing machine is a machine that is used to process the paper check into an electronic check. In electronic check conversion, the paper check will run through the check imager or check reader software. Check imager will capture all the necessary information such as check number, account number, routing number, and information related to a merchant. After gathering all the information, an electronic transaction will be completed. After the completion of the transaction, a receipt will be generated and printed and given to the check writer to sign it. Uploaded the signed check into the electronic check processing machine to process. The fund deposited to the bank account will be reflected within 2 or 3 business days. Echecks are secure to process payments and recurring bills.
Paper check that is converted into an electronic check reduces the risk of fraud, misplaced checks, and employee theft. Electronic check processing has a computerised record that can be used to have access to processed, accepted, and returned echecks.
ADVANTAGES OF USING ELECTRONIC CHECK PROCESSING MACHINE:
- Lower cost than accepting credit cards.
- Guarantee and verifications program are available.
- Eliminates trips to the bank.
- Accept checks over the phone or website.
- Drafting service is available for recurring ACH and check.
- Save time on preparing deposits and banking.
- Quick checkout and improves tender time.
- Improves productivity and operating efficiency.
ELECTRONIC CHECK PROCESSING MACHINE FOR IMAGING:
- POP(Point Of Purchase): With the use of check imager at the point of sale, paper checks are converted into electronic checks and then it is imaged for further retrieval purpose. After that, the voided check is given to the customers.
- ARC(Accounts Receivable Conversion): It is also a process in which paper checks are scanned electronically for electronic payment through the automated clearing house.
- COI(Cash Office Imaging): Paper checks are processed via MICR check readers. The imaging is handled independently in the back office using high speed batch imager.
- Outsourced Imaging: It is similar to the COI option. The paper checks are sent to the central location or EMS processing site where the checks are processed.
Are you searching for a merchant account with a lower transaction fee? You are at the right place. We Quadrapay will be very happy to assist you with our services. To get a merchant account, please fill the application form provided at our home page and submit it. We will contact you via the registered phone number once we receive your application form. If you have some queries regarding this, please drop a mail on [email protected]