At the point-of-sale, Elavon provides the conversion of paper checks into safe and efficient “electronic checks.” By submitting checks through the same system that authorizes credit and debit cards, you can dramatically reduce deposit expense and improve cash flow.
Our electronic check processing service is simple to use and easy for customers to understand. Elavon’s electronic check conversion service supports real-time and batch conversion methods for point-of-purchase and accounts receivable conversion processing environments.
Point-of-Purchase (POP) Conversion
This process occurs in a check present/consumer present environment. The check is passed through the point-of-sale (POS) system for conversion and is approved or declined, with the voided check handed back to the customer. Settlement occurs electronically, with funds deposited to the business’ account, usually within 24-48 hours.
Accounts Receivable Conversion (ARC)
ARC is used for check present/consumer absent transactions, which are typical of receivable payments, mail order purchases and companies that operate in a drop-box environment. These businesses want the efficiency of electronic check conversion and processing to reduce costs and improve the timeliness of deposits. Customers are provided a notice explaining that checks will be processed electronically.
Check payments will be processed in a matter of seconds with the electronic check conversion options available on the Elavon Network. The conversion to electronic checks means you’ll have more time to concentrate on your business or other needs.