Convert Paper Checks to Electronic Payments
Have you ever gone to a store and had a checkout clerk run your check through a device and then hand it back to you? If you have, then you have seen check conversion first hand. Large retail stores have learned the easiest way to verify that a check is not written against a high risk account is to convert the check to an electronic payment and then check against a nationwide "high risk checking accounts" databank. Check conversion also allows the retailer to avoid having to take the check to the bank to deposit. You will also receive available funds sooner than with a paper check.
What does it take to do "check conversion"?
First, it takes a scanner. Banking rules require that converted checks have an electronic image of both the front and back of the check. In addition, the MICR numbers at the bottom of the check must be electronically read into a computer system.
We can provide your office with a scanner that will scan both sides of your check and read the MICR line with one quick pass.
You must also have Internet access so that the transaction can be electronically transmitted to our payment center.
Check Verification
For a small transaction fee, we can automatically check a nationwide database of high risk checking accounts. Although this does not assure that funds are available in the checkwriter's account, it does identify which accounts are high risk for having rejected checks. ("High risk" accounts are those which have had a large number of NSF checks or accounts on which fraudulent activity has been detected in the past).
Both checks received in the mail and checks written in your office may be converted to electronic payments.
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