• Verify account information at the point of sale and minimize your exposure to potential losses.
• Eliminate the time-consuming hassle of listing paper checks and mailing manual deposits.
• Receive your funds with the same speed and ease of your credit card deposits.

Check Acceptance Facts

• 19 billion checks are written at the point of sale every year
• Checks accounted for 45% of the payment types accepted at the POS
• Check handling losses totaled $23 billion, that's about $1.20 for every check accepted
• Check fraud costs are increasing at 19% annually

Source: Visa USA ^®

Why Should Merchants Use Electronic Check Service?

• Greater confidence in accepting checks. Verification and/or Guarantee allows for a greater possibility of funds availability than using other verification services such as SCAN, or even none at all.
• Real-time funds availability with participating banks
• Lowers check handling costs by eliminating paper check handling, deposit fees, returned check charges and reduced loss potential
• Simplifies end of day balancing and reporting
• Virtually eliminates trips to the bank for manual deposits
  Receive funds in same timeframe as credit card funds
  Increased customer benefits:
  • Faster checkout at POS
  • More detail on checking statement

Electronic Check Service
At the point-of-sale, Regions Merchant Services provides the conversion of paper checks into safe and efficient "electronic checks." By submitting checks through the same system that authorizes credit and debit cards, you can dramatically reduce deposit expense and improve cash flow.

Electronic Check Service is simple to use and easy for customers to understand. Electronic Check Service supports real-time and batch conversion methods for point-of-purchase and accounts receivable conversion processing environments.

Point-of-Purchase (POP) Conversion
This process occurs in a check present/consumer present environment. The check is passed through the POS system for conversion and is approved or declined, with the voided check handed back to the customer. Settlement occurs electronically, with funds deposited to the business' account, usually within 24-48 hours.

Accounts Receivable Conversion (ARC)
ARC is used for check present/consumer absent transactions, which are typical of receivable payments, mail order purchases and companies that operate in a drop-box environment. These businesses want the efficiency of electronic processing to reduce costs and improve the timeliness of deposits. Customers are provided a notice explaining that checks will be processed electronically.

Check payments will be processed in a matter of seconds with the electronic conversion options available on the network. The conversion to electronic checks means you'll have more time to concentrate on your business or other needs.

Choice of Service Level:
Electronic Check Conversion Only
Convert your paper checks into electronic transactions with minimal validation or authentication. Most retailers selecting this option will be larger chains that utilize a proprietary database to authenticate and authorize transactions. This service could also be used by smaller businesses that know their customers well, and are simply interested in the improved efficiency and lower costs of electronic processing.

Guaranteed Electronic Check Service ¹
Most merchants will prefer the Guaranteed Service Level with "Guaranteed Cash Flow". The checking account information is forwarded to the guarantor who accepts the risk of loss. Provide the information prompted by the terminal, and you are funded for the check with NO risk from loss.

Electronic Check Verification Service
If you are looking to manage your own check transaction return process, verification services are available through the Electronic Check Service to assist you in your check acceptance decisioning process.

• Electronic Check Verification Service with Collections
  With the Collections Service Level option of Electronic Check Service, returned checks are automatically and expeditiously placed with a reputable and established check collections service. As checks are successfully collected, the collections service pays you a standard percentage of face value.
• Electronic Check Verification Service with NetCheck Tools
  For those who prefer to handle their own collection on returned checks for non-sufficient funds, this option is for you. NetCheck, an Internet-based reporting tool designed specifically for tracking electronic check transactions, allows you to track the status of returns and view the associated check images as they are reported to our service bureau. Detailed information records and powerful management functions (including automatic and manual re-submission) will improve your ability to successfully collect returned checks.

Call 1-800-457-4789 today to learn more or you can apply now to get started.

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More Solutions

PC-based Point-of-Sale Systems
E-Commerce Solutions
Electronic Gift Cards
Dynamic Currency Conversion
Reporting Solutions
Wireless POS Terminals
Corporate and Commercial Card Solutions