What is Point of Purchase Check Conversion?
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by Elizabeth Murrow
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<font face="Arial, sans-serif"><font size="2">A
point of purchase check conversion is a process wherein checks
presented to merchants or cashiers are converted into electronic fund
transfers. When we say electronic fund transfer, the amount from the
customer's bank account is electronically transferred to your
account. When a check is handed to the cashier, the check is swiped
via a check reader and the account information is copied and used to
make the ACH electronic fund transfer.</font></font>
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<font face="Arial, sans-serif"><font size="2">Funds
are usually transferred within 24 hours upon receipt of the check.
This is faster compared to the normal way checks are processed. To be
able to electronically transfer funds, it is important to make sure
that there are sufficient funds in your account. The transaction will
be reflected on your next billing statement. </font></font>
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<font face="Arial, sans-serif"><font size="2">Point
of purchase check conversion is fast and can help eliminate the costs
and liabilities involved in handling paper checks. Once a customer
hands in a check to you, you can easily process their payment as
electronic transactions. And because deposits are done
electronically, you only have to pay a low fee, at the same time,
reduce the trips to the bank you have to make. There is also no need
for check storage because the original paper checks are returned to
you. All they need is a digital image of your check to be able to
make a transaction right away. </font></font>
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<font face="Arial, sans-serif"><font size="2">Moreover,
the conversion is easy to use. It helps accelerate sales profit,
lower cost of bank fees and deposit fees, reduce fraud, and so much
more. All you need is a check scanner and you can now easily convert
a paper check into an electronic transaction. Depending on your
provider, they may add a few more features to further enhance your
system. </font></font>
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<font face="Arial, sans-serif"><font size="2">Should
you encounter any problem with the electronic fund transfer, contact
your bank right away and report it.</font></font>
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(<font face="Arial, sans-serif"><font size="2">Elizabeth
Murrow currently works for a payment processing solution company.
Being in the business for quite a long time now, she has been
continuously sharing her knowledge through various lectures and
blogging, including <a href="http://allaboutecheck.wordpress.com/">http://allaboutecheck.wordpress.com</a>
and http://www.echeckprocessing.biz. Born and raised in California,
Elizabeth now lives in Australia with her husband and two kids. She
likes to travel during her free time.)</font></font>
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