Electronic Cheque Acceptance

Electronic Cheque Service

It’s Your Money… Why Wait For It? Get Faster Access to Funds, Minimize Risk, and Reduce Costs.

If you’re like most merchants, cheque acceptance is a necessity, but a burdensome part of conducting business. However, to ease that burden, Electronic Cheque Service (ECS) allows the option of paying by cheque, while dramatically reducing the risk and cost associated with accepting those cheques.

ECS converts all paper cheques – consumer and business – into safe, efficient electronic transactions. By submitting cheques through the same system that you use to authorize credit cards, you can significantly lower costs and enrich your cash flow.

Cost Savings

The costs of accepting, processing and handling paper cheques are extremely high, ranging from $.75 to $3.00 and averaging $1.22 per cheque (Source: Visa®). Converting paper cheques to electronic transactions eliminates many of the risks and costs, adding money to your bottom line.

Typical Cost Per Cheque:  (Costs vary depending on service level and risk factors)

Paper Cheque: $0.75 to $3.00

Electronic Cheque: $0.30 to $0.70

ECS is a smart solution, saving the time, money and hassles associated with accepting cheques.

1. Faster Access to Funds
2. Cheques are automatically converted to electronic transactions. Funds settle with the same speed and ease as credit cards, typically within 24-48 hours.
3. Reduced Costs
4. Eliminates the time, labor and paperwork associated with paper cheques and returned items.
5. Single Depository Bank Relationship.

All electronic payment activity is consolidated on reports and statements and is available online. Authorization and guarantee services reduce the risk of returned cheques. With ECS, transactions that result in non-sufficient funds will be automatically re-submitted up to two times.