Copyright © 2005 Secure Payment Systems, Inc. All Rights Reserved. Electronic Check Processing and...
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Transcript of Copyright © 2005 Secure Payment Systems, Inc. All Rights Reserved. Electronic Check Processing and...
Copyright © 2005 Secure Payment Systems, Inc. All Rights Reserved.
Electronic Check Processing and Deposit
Web-Based Accounts Receivable Conversion (ARC) / Check 21
Solution
Checks deposited faster
Drastically reduces transaction fees
Sales tool for reselling
Business Opportunities
According to the Federal Reserve, as of
September 11, 2006, approximately 17 percent
of the checks or slightly over 6 million checks a
day, were deposited via Check 21!
Industry Fact
Understanding Check 21
- Check 21 provides a Retailer/Merchant/Biller with the opportunity to convert any type of paper check, for purposes of transmitting it electronically, where it may re-emerge in the bank clearing system as the legal equivalent of the original check through a substitute check document known as an Image Replacement Document (IRD)
- It is applicable to ANY type of Check or instrument with a MICR* line
- It does not require permission or notification of any kind
- IRD must meet certain formatting requirements
*Magnetic Ink Characters at the bottom of every check
expresscheck21SM
expresscheck21SM is our brand new check21/ARC solution
expresscheck21 is a hybrid, “patent pending” web-based platform that processes and deposits all types of paper items into electronic transactions or substitute checks, all through a single point of entry system
expresscheck21 is designed for businesses who want to accept consumer and non-consumer checks at their business location. The checks are processed in the back-office where they are scanned and electronically deposited eliminating time consuming bank visits, saving on multiple register scanners, and bank NSF fees
Web-based, convenient, secure, and easy to set-up
24/7 online access to retrieve check images and payment status
Highly scalable to support any payment volume, from single users to large payment processing environments
Ability to accelerate check clearing by sending the check items directly to the Federal Reserve
Automatically captures the dollar amount on the check during scanning thereby reducing entry time and errors
Substantial savings on returned item fees
Key Features & Functionality
Secure and easy to set-up (web-based)
Enables acceptance of all types of checks at the point-of-sale
Requires no check scanning equipment at the register
Simplifies and speeds up check handling & processing
Lowers the cost of payment processing
24-48 hour funds availability*
Improves response time and accuracy
No more waiting in line at the bank
Promotes better customer service
Faster notification of returned items (3-5 days vs 7-10 days)
Facilitates better access, storage, retrieval, & distribution of checks
Enables consolidation of banking relationships for business locations
Substantial savings on returned items fees
Banks can accept images from us and settle directly with their merchants**
Benefits
*24 hour funds availability at a minimal surcharge **A small transaction fee reduction may apply
expresscheck21 requires a computer (Windows 2000 or newer operating
system), internet access with Internet Explorer 5.0 or greater, and one of the recommended scanners mentioned below:
Digital Check TS - 350- Accepts 100 checks at a time- Processes 60-80 checks per minute, + or – 3,000 per day - Images both sides of checks in one pass
Digital-Check TS – 230/65- Accepts 25 checks at at time- Processes 65 checks per minute, + or – 500 per day - Images both sides checks in one pass
Magtek MICRImage- Accepts 1 check at at time- Processes + or - 30 checks per day- Images both sides checks in two passes
expresscheck21 Technology
Digital Check TS - 350
Digital Check TS – 230/65
Magtek Imager
Web Hosted expresscheck21
Software
Consumer ItemsNon-consumer Items
Checks received are scanned and processed via expresscheck21’s high speed web hosted software and sent electronically to Secure Payment Systems for processing
expresscheck21 automatically distinguishes and converts consumer items (processed as ACH items) and non-consumer items, including corporate checks and payroll checks (processed as Check 21 IRD)
1.1.
2.2.
+
expresscheck21 Process
expresscheck21 electronically debits funds from the customers account and deposits funds in merchants bank account. Funds are available within 48 hours, alleviating a trip to the bank
3.3.
Consumers Bank Merchants Bank
Upload files into your in-house accountsreceivable system
4.4.
expresscheck21 Process Contd…
Open your web browser & log onto:
www.securepaymentsystems.com
Click on expresscheck21 Website under “Product Links”
Web Browser
Enter your customer information
in uppercase letters:
- File Code- User Name- Password
Hit ENTER
Customer Login
Welcome Page
From the Welcome Page, you can view important announcements and transaction cut-off times
You can also access the IRD and ARC System
Select ARC System from the menu on the left hand side to get started
Main Menu
The Main Menu supplies you with all the options available in our ARC System
Select Scan Checks to begin processing checks
Easy-to-use solution, requiring a computer, check scanner, and internet access
24/7 access to retrieve check images and authorization via our secure website
Concise, real time reporting available on-line
Real-time verification database reduces risk of accepting bad checks and collection costs
No bank deposit fees
Files to update your in-house accounts receivable system
Conclusion
We are Committed to Providing Superior & Affordable ACH and Check Processing Solutions
Secure Payment Systems10650 Scripps Ranch Blvd. Suite 109
San Diego, CA 92131
Tel: 1.888.313.7842Fax: 858.549.1323
www.securepaymentsystems.com
Interested in a Web Demo?Email: [email protected]
Getting Started