Did you know that in today’s technologically advanced society, checks can now be used in the same way as a credit card? With electronic check conversion, money is taken directly from your bank account, the moment you write a check. No longer do you have to wait for checks to go through, whether you are a business owner or a customer. Learn the history of electronic check conversion, what the best electronic check conversion software can mean, and how check conversion electronic affects consumers.
What Is Electronic Check Conversion
Electronic check conversion is a way of using checks where money is taken immediately from the customer’s bank account and deposited into the store or business’s bank account, electronically. The store or business will use the information from the check to access the funds one time. It is not making a payment by check, but rather using the check to access the funds.
How It Works
Electronic check conversion works by scanning the check on a scanner, such as those used for credit cards. The check does not need to be filled out. The electronic check conversion software then reads the information about the bank and the account to make the monetary withdrawal. The check is voided and returned to the customer. The retailer does not keep the paper check. This cuts down on paperwork and lost checks, which cause problems for both the customer and the retailer.
How Is This Different Than Paying By Check?
An important part of electronic check conversion marketing is the fact that paying by check conversion is much quicker than paying by check. The transaction occurs immediately, rather than waiting days or even days for the check to clear.Another difference between the two processes is consumer rights. The consumer rights surrounding the newer process involve involuntary electronic check conversion, and the rights to protect them.