Check Conversion at Purchase

Using Check Conversion at Purchase, you can accept paper checks and convert them to an electronic deposit quickly and efficiently — right at the point-of-sale. Check Conversion at Purchase eliminates paper deposits (and their associated fees) and improves cash flow. The conversion process starts when a paper check is swiped through a check imager (or reader) at the point of purchase. After approval, a duplicate receipt is printed and completed by the customer. The check is then stamped “ACH Processed” and handed back to the customer. At the end of the day, all converted checks are batched out — a process similar to credit card transactions. All images are transmitted with the electronic deposit, allowing Payliance to hold the image repository.

How does it work?

• The check is accepted and verified—and the check image is captured if an imager is present
• A duplicate receipt is completed by the customer and retained at the point-of-purchase
• A paper check is stamped “ACH processed or VOID” and returned to the customer
• An electronic deposit is transmitted and images are sent if an imager is present
• Funds typically settle in 2-3 business days
• Free recovery on all returned items

Benefits:

• No deposit batch fees
• Checks are verified, reducing risk
• Reduces labor
• Eliminates potential fraud, loss and theft of paper checks
• Simple process mirrors credit card transactions
• Eliminates image repository issues
• Integrated recovery for all returned items