“ E~Check”

WHAT’S NEW …

Schools are now able to process Parent checks more efficiently due to recent rule regulation changes by NACHA. Personal checks that are mailed or deposited into a drop box can be converted into ACH files for electronic processing.

For example: Personal checks for payments are quickly transformed into electronic files. They are imaged, archived, and take full advantage of all electronic processing guidelines. After you have passed the paper check through the micr reader/imager, you can simply drop the check into the shredder, once the transaction processes electronically.

COST SAVINGS:

Reducing paper checks throughout your business creates higher operational savings and other streamlined features. When your School uses this new service, personal checks are instantly imaged and converted to an electronic debit from the parents checking account.

The equipment required to transform paper checks into electronic payments and the service used for processing is very inexpensive. Reconciliation is automated and original document return costs are eliminated. Document retrieval through secure access of web-based check image storage becomes instantaneous. Check re-presentment becomes a fully automated process with the percentages of collection substantially increased.

BENEFITS:

• Eliminate “Chasing Paper to The Bank”
• Process Personal Check Payments Faster
• Internet Access of Archived Checks & Receipts

HOW THINGS WORK:

  Personal checks are inserted through a reader that captures the image of the check and records Micr line information used for electronic debit, to the parents checking account. The payment and image files are sent to E~funds For Schools for immediate processing, storage, and instant retrieval availability. Paper checks are shredded within 14 days.

OTHER BENEFITS:

• The funds will be collected and cleared by the following business banking day.
• NSF returns are reported within 48 hours.
• Online reports monitor all transactions and all payments flow through current Financial Institution ACH systems.
• Staff can quickly retrieve imaged checks and payment receipts directly from the web for verification of payments.
• The whole process of check re-presentments will only take minutes instead of hours.
• Administrative “paper flow” through the system is reduced.
• Payee information that is shown on the monthly statement to the consumer contains more detail.

To view a demonstration of the check conversion process click here

To view a demonstration on how to research a previously scanned check click here