While check payments are on the decline for many business to consumer payments, particularly in retail. Debit cards, standard issue with every checking account today and combining very low Fed regulated debit rates with real time authorizations, have many merchants eliminating the acceptance of paper check payments altogether. For businesses who still rely heavily on check payments, a varity of payment technologies exist to improve acceptance processing.
Lockbox Payments for manufacturers, wholesalers and distributors. Lockbox services are superior to both manual check deposits and remote capture scanners and gives your business a competitive advantage, saving time and speeding cash flow. Lockbox services:
Use a scanner to image paper checks and deposits both consumer and business checks as electronic transactions or substitute checks in your back-office. Captured images and data are transmitted for clearing and electronically deposited into your bank account.
Use a Virtual Terminal debit and credit platform for one-time and recurring ACH payments. This service facilitates the electronic transfer of authorized payments to automate the collection or payment of single or recurring transactions.
Electronic Check Conversion at the point of sale is the process of converting a paper check into an electronic funds transfer transaction.
Check Guarantee insures the risk of accepting a bad check at the point of sale.