What is Electronic Check Conversion?


Electronic check conversion is a new way for stores to gain enough information about an individual consumer’s specific bank account in order to make a onetime charge for a purchase. The way electronic check conversion works is similar to the way paying with a check works but with one distinguishing difference, the consumer gets the check back at the end of the transaction. A voided check that is returned to the consumer works as a record of the consumer’s transaction. Electronic check conversion also has the potential to speed up the cashing out process so long as the consumer has the appropriate funds in their bank account.

Businesses also benefit from electronic check conversion in the form of added security when it comes to cashing checks. Once a cashier scans a particular check, that check will not clear without sufficient funds being available in the account. This takes the guess work out of deciding rather or not to accept a particular check and will be the end to bad checks all together.

With technology advancing as quickly as it is today its no wonder that a safe guard has been developed in order to protect businesses from bounced checks. Electronic check conversion has not only made this possible but simple as well.