check remains one of the most preferred payment modalities. ECC
converts a traditional check at the POS to an electronic draft.
The customer gives you the check and it is run through an
imaging device. It is then converted to an electronic draft. The
funds are deposited in your account in days. No bank trips,
fees, hassles, NSF recovery is built-in. In
1999 there were 258 million bounced checks in the United States.
Losses to payees were approximately $12 billion. You can use ECC
to drastically reduce fees and lost monies to bad checks.
Your payment is
credited to your account within a few days. No more taking
checks to the bank for deposit. (or associated fees) No
hefty returned check fees. NSF check recovery built-in.
Cost per transaction
less than a credit card.
is included. This process looks to see if the check writer
is in a negative database.