Electronic payment processing provides you the quickest access to your cash. Why not convert batches of paper checks to electronic format for faster clearance through the ACH network?

Electronic payment processing can help organizations with customers who still like to use paper checks. If you receive paper checks in the mail or through a lockbox, we will show you how you can quickly scan them and submit them via our secure system for fast clearance and easy management. Electronic payment processing will save you trips to the bank, high bank fees on returns, and all the other hassles of paper checks. Electronic payment processing for paper checks will truncate (shorten) the process of manually clearing these checks through the Federal Reserve system.

Benefits

Improve cash management and reduce collection float
The key advantage of Smart Lock is to reduce the timeframe for clearing paper checks through the Federal Reserve. ACH transactions typically deposit cash in your account within 48 hours, while paper checks often take three to five business days. You will increase your cash availability by utilizing lockbox truncation, and you can eliminate your daily trip to the bank.

Reduce processing costs and efforts
Once you capture a check as an ACH transaction, all the effort is done. You'll have no more daily trips to the bank, no more manual tallying of paper checks, and no risk of losing a check.

Access transaction reports anytime via the internet
Enhance your ability to account for transactions, reconcile cash, and prepare management reports by having direct access to all of your transaction information 24 hours a day.

Dramatic improvement of returned check management
When a paper check bounces, you may not be notified for 2-4 weeks, or longer. When an ACH transaction is returned, you will be notified in 1-4 days, and the quicker notification time will give you a better chance at recovering your funds. Additionally, you can resubmit an ACH transaction with minimal effort, and you can target the day the transaction will hit the checkwriter's account with precision, all giving you the best chance to collect your funds consistently and with less effort.


Could your organization benefit from converting paper checks to electronic checks? Get Started Now!