InvestorsHub Logo
Followers 78
Posts 3097
Boards Moderated 0
Alias Born 03/12/2013

Re: YouOnlyLiveOnce post# 10638

Wednesday, 05/29/2013 12:18:55 PM

Wednesday, May 29, 2013 12:18:55 PM

Post# of 298910
Electronic Check Benefits

It costs on average $1.22 to process a paper check. An average echeck costs you only $0.55.

Electronic check processing requires very little effort or time to set up, and once it is established, your company immediately begins saving money.

Electronic check processing relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).

The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with electronic check processing.

The number of electronic check payments processed in the U.S. increased to 2.75 billion payments in 2008.

Four out of five consumers who use electronic checks as a form of bill payment say they are very satisfied with it

Electronic check processing has been shown to reduce the number of returned payments and posting errors due to the speed of processing (compared to mail and paper checks).

Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

Timing of incoming payments from customers will be more predictable and reliable, improving your cash flow. Learn more about electronic check (ACH) funding times.

Reduce bad check write-offs, returned-check fees and check collection hassles

Improved cash flow

Eliminates bank processing fees

Reduced deposit preparation time

Reduced accounting requirements

Flexible solutions to check processing

Funds available to merchant within two banking days

Check verification and authorization through nationwide database

Large national negative database

ID-based check fraud protection available

Positive scoring database

Merchant selected check acceptance controls

Detailed reporting for easy reconciliation with bank statements

Profit center or store-level group reporting available

Detailed reporting for terminal batches and reconciliation, if desired

Individualized terminal sub-batches for cashiers

Secured terminal program with cashier based access code

Cash consolidation and cash management available

Online reporting through secured web-based network

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.