One of the services NCT offers its merchant clients is point-of-sale (“POS”) electronic check conversion. Every product and service delivered by NCT is designed to improve efficiency, maximize cash flow, and minimize risk; electronic check conversion is no different.

What is POS Electronic Check Conversion?

Back in the “old days,” when a customer paid you by check, converting that check into cash required batch processing all of your checks together with physical trips to the bank. There were a few inherent problems with this system:

• Opportunity cost of time: taking time to go to the bank is time you could be spending improving your business or increasing sales.
• Risk of check acceptance: once the check writer is out of your store with you holding only their paper check, there is the risk that the check could bounce, leaving you with the possibility of further wasted time trying track down your funds.

With electronic check conversion, paper checks are immediately converted into digital transactions while the check writer is there in your place of business. Using intuitive POS equipment, information from the check is entered and cross-checked against a national verification database to determine if the check should be accepted. Within seconds, an answer is delivered. If the check is authorized, an electronic transfer of the funds then takes place and within 48-72 hours the funds are in your account.

What are the benefits of POS Electronic Check Conversion?

The benefits are clear:

• No more time consuming trips to the bank for check processing.
• Significantly less risk associated with check acceptance as the verification process provides a virtual guarantee that you will have your rightful funds within 2-3 days. When combined with a check guarantee program, this virtual guarantee morphs into a certain guarantee.

Electronic check conversion essentially makes the process of accepting checks as easy, simply, and seamless as processing credit card transactions. As business people, we understand the necessity of consistent cash flow and the need for peace of mind in payment processing. Electronic check conversion is just one of the many ways that National Check Trust endeavors to bring both to our clients.

To learn more visit our programs page and read about our electronic check conversion offering.

Tags: check writing, checks, electronic check conversion, maximize cash flow, point of sale

This entry was posted on Wednesday, July 8th, 2009 at 5:10 pm and is filed under Payment Processing, UTA Services. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.