Electronic Check Service
Turn Paper Checks into Electronic Transactions
Elavon's Electronic Check Service (ECS) converts paper checks into safe, efficient electronic transactions. This allows your business to submit checks daily through the same system you use to authorize credit and debit cards.
How Elavon's ECS Works
Point-of-Purchase (POP) Conversion
- Both the customer and check are present for the process in a real-world 'brick and mortar' environment.
- The check is passed through the point-of-sale system for conversion and is approved or declined, with the voided check handed back to the customer.
- Settlement occurs electronically, with funds deposited to your account in the same timeframe as your credit card deposits.
Accounts Receivable Conversion (ARC)
- Use ARC when the customer is not present but you have the customer's check.
- Reduce costs and improve deposit timelines with the efficiency of electronic processing.
- ARC is especially helpful for certain transactions such as receivable payments, mail order purchases and drop-box environments.
ECS Features and Benefits
- Faster access to funds - Checks are converted and transmitted with the same speed and ease as credit card deposits.
- Reduced costs - Eliminates the time, labor and paperwork associated with check deposits and returned items.
- Single depository bank relationship - All check funds are deposited into a specified City National Bank account, eliminating the need to have multiple banking relationships based on store location.
- Minimized risk - Elavon's Verification and Guarantee Services reduce the risk of returned checks. Transactions that result in non-sufficient funds will be automatically resubmitted up to two times.
- Improved reporting - All electronic payment activity processed is consolidated on reports and statements. Computerized records allow instant access to full data on checks accepted, processed and returned.
To find out more about merchant services, contact us at (888) 455-5050 or speak with your City National Bank representative today.