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How Does Check Conversion Work? |
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Eliminate Your Paper Bank Deposits |
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Funds are Automatically Deposited into your Existing Bank Account.
Electronic Check Deposit - Convert paper checks received "by mail" or "in person" into electronic online NEXT DAY deposit.
Free Proposal
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What Is Accounts Receivable Conversion? (ARC) |
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Accounts Receivable Conversion (ARC) is and ACH processing service that converts a paper check, received in the mail or at a payment location, into an electronic check. The check is converted into an Electronic Funds Transfer (EFT), and processed through the Automated Clearing House (ACH).
The electronic check is presented to the check writer’s financial institution and funds are transferred into the merchant’s bank. The ARC system can then provide a file used to update payment information in your in-house accounts receivable system, eliminating data entry.
ARC allows the merchant to avoid the time consuming processing of paper checks, banks run for deposits and data entry. In most instances checks submitted electronically are processed at the bank before paper checks, giving you quick access to valuable operating capital.
Call us toll-free on 1 866 608 8640 today or Apply Now Online |
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How Does Accounts Receivable Conversion Work? |
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- Merchant receives checks for payments of goods or services via mail or payment center.
- Check is scanned into the software, and data is transferred into the ARC software.
- Check data is batched and transmitted to EFT Network for processing for presentment through the ACH.
- Check Writer’s account is debited; cleared funds are deposited into the merchant’s account.
- Files are made available on our secure website for export into your in-house accounts receivable system.
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What Are The Benefits of ARC? |
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- Funds are transferred electronically.
- Merchant or bank does not have to process a single piece of paper.
- Centralized Bank deposits for multiple location companies.
- Low transaction Fees.
- Low NSF fees.
- Files can be exported to update your In-house Accounts Receivable system.
- No lost or stolen checks to worry about.
- NSF checks will be reported within three (3) business days. Merchant can redeposit immediately and keep all fees.
- 24/7 monitoring of your account VIA our secure website.
- Checks submitted electronically, in most instances, take precedence over paper checks.
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Check Facts |
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Some interesting stats on ACH transactions. From 2002-2003 the percentage increase in transaction type is shown:
- ARC (mailed payment check conversion) +718%
- POP (check conversion-POS) +22.5%
- RCK (NSF check recovery) +21%
- TEL (telephone) +176%
- WEB (Internet based) +198%
- PPD (consumer pre auth recurring one-time debit) -3%
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Requirements |
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- Internet Access.
- High Speed Scanner (Up to 90 Checks per Minute).
- Magtek Scanner (Low Volume).
- Images Checks and Reads MICR in One Pass.
- Supports Dual Interfaces.
- Images One Check at a Time.
- Digital Check (High Volume).
- Two Sided Duplex Scanning.
- 100 Item Jam Resistant Feeder.
- Small Footprint. (Only 8x12 Inches of Space Needed).
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Summary of Accounts Receivable Conversion |
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- Concise Reporting On-line and in Real Time.
- In Most Instances, Electronic Deposits Take Precedence over Paper.
- Lower Transaction Fees.
- Electronically Update In-house System, Alleviating Costly Data Entry.
- No Expensive Software to Buy.
- Accounting for Deposits Made Easier.
- Stored Images are Accessible 24/7.
Call us toll-free on 1 866 608 8640 today or Apply Now Online |
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