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Electronic Check Conversion
MyReceivables has combined the benefits of check conversion and, available soon, next day availability of funds, to provide the most powerful check service in the industry today. Merchants are able to convert paper checks into electronic deposits from the convenience
of their place of business. This service allows Merchants to accept checks as safe and conveniently as credit cards.
Program features:
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Funds Availability: Coming soon, funds are made available on the next business day on all checks including NSF checks.
• Improve Efficiency: MyReceivables is proud to offer an array of solutions designed for Merchants to electronically accept checks effectively decreasing cost, lowering check acceptance risk and improving convenience.
• Reduce Fees: Banks charge high processing fees for every check and especially higher on NSF checks. With Electronic Check Conversion, NSF checks are intercepted before they are returned to your bank, eliminating those fees instantly helping your bottom line.
• Lower Risks: Everyday your returned checks spend moving through the banking system is a day of risk for your business. The system presents and represents checks electronically, providing more efficient clearing and settlement and faster funds availability.
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Benefits:
Reduced check losses
Improved collection of returned checks
Simplified cash management
Increased efficiency at the point of sale
Faster funds availability
How the System Works
MyReceivables' Electronic Check Conversion links two existing technologies, a Magnetic Ink Character Recognition (MICR) scanner/imager and the Automated Clearinghouse (ACH) electronic payment network. With Electronic Check Conversion, when a consumer
pays a Merchant with a check, all information on the check is captured by the scanner/imager; the Merchant then uses the check data and the transaction amount to initiate a debit from the consumer's bank account, which is electronically processed through the ACH network. A complete
description of the transaction appears on the consumer's monthly bank statement.
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