XPRESSCONVERSION^SM
Electronic Check Conversion

XPRESSCHEX, INC., is proud to introduce XpressCONVERSION^SM Electronic Check Conversion Service. This revolutionary product greatly reduces the cost, time, and risks associated with check acceptance at the point-of-sale (POS).

The Basics

With electronic check conversion, the magnetic ink character recognition (MICR) line at the bottom of the check is read by a check reader and, together with the dollar amount of the transaction, is routed via the Automated Clearing House (ACH) network to the check writer’s bank as a debit. Collected funds are then credited automatically to the merchant’s account.

Electronic Check Conversion (ECC),
Also Known As Electronic Check Truncation

Whether you refer to it as ECC or check truncation, the process works as follows:

The customer presents a paper check at the point-of-sale.
The check is fed through a check reader where the MICR information is captured. The amount of the check is then entered by hand on a terminal keypad.
The check is verified against a verification database. If negative information is found, the check is not accepted.
If the check is accepted, an authorization slip is printed for the check writer to sign allowing the paper check to be converted into an electronic transaction. The check is immediately returned to the consumer stamped “void” .
The transaction data is electronically transferred through the ACH settlement system where funds are debited directly from the writer's checking account that evening.
Settlement is made with the merchant and an ACH credit transaction deposits the purchase amount into the merchant's account the next day.

Benefits of Electronic Check Conversion

Faster processing means cash concentration benefits.

Funds are consolidated and centralized.

Checks are electronically deposited so merchants no longer have to fill out deposit slips or travel to the bank to deposit their checks--this greatly reduces the costs associated with check handling.

Users are informed of NSF and other returned items much faster than paper-based systems, which allows the collection process to be expedited.

Check fraud can be detected much quicker, which will stop bad check writers days before the conventional paper-based methods.

Conversion eliminates the possibility of checks being lost or stolen before the merchant can deposit them.

Check verification can be included with electronic check conversion at the point of acceptance, which greatly reduces losses and fraud associated with accepting checks.

Fewer individuals handle the check: normally, about ten different people handle a paper check before it gets to the Receiving Depository Financial Institution (RDFI). With electronic check conversion, only the check writer and the cashier will handle the source document.

With electronic check conversion, consumer payment behavior patterns are not affected: the only change occurs in how the items are processed.

Customer response to electronic check conversion has been neutral or positive.

The total cost to process paper checks through the traditional system is around $3.50 per check, which is much higher than electronic check conversion.

Reports can be customized to meet the needs of the merchant.

Reporting and tracking can be done much more accurately when check information is captured and stored in a database accessible to the merchant 24 hours-a-day, seven days-a-week.

Call for more information:1-800-291-3242.
Or, send an e-mail message to sales@echo-inc.com

www.echo-inc.com