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.
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.
- Faster Access to Funds
- Cheques are automatically converted to electronic transactions. Funds settle with the same speed and ease as credit cards, typically within 24-48 hours.
- Reduced Costs
- Eliminates the time, labor and paperwork associated with paper cheques and returned items.
- 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.
Flexible Service Options
With ECS, you have a choice of flexible service levels to choose from, specifically matched to meet your business needs.
Conversion w/ Guarantee
Guarantees the funds & converts the cheque to an electronic transaction. Merchant shifts the risk of returned items to the guarantor
Conversion w/ Verification
Verifies that the cheque is currently “good” & converts the cheque to an electronic transaction. Merchant retains the risk of returned items
Conversion w/ Verification & Collections
Offers the advantage of Conversion w/ Verification and utilizes a third party provider for collection efforts. Merchant retains the risk of returned items
No More Hassles
With ECS, accepting cheques has never been so convenient. Utilizing our Conversion with Guarantee service, once the cheque is imaged, you never have to touch it again. Gone are manual cheque reconciliations, deposit preparation, time-consuming trips to the bank, and returned items. It’s that easy!
No More Returns
No More Collections
No More Cheque Deposits