Electronic Check Conversion: Points to Consider

By: Jeremy Maddock

The first requirement for most businesses will be security. It is important that your system of choice will protect your customer’s financial information, and give them the same peace of mind as if they were paying with a credit card. After all, opening up your customers to financial fraud is not a good way to maintain your reputation.

It is also important to determine how you are insured if the check conversion system should fail.

If a check is not valid, for example, will the check conversion provider swallow the costs, or will you be forced to pay?Another point to consider is what kind of equipment you’ll need to make the check conversion system work. Will your business need a special kind of POS terminal, for example, or an image reader?You should also make a list of your specific requirements, and what you are looking for in a check conversion machine. It is good to make an estimate of how many checks you’ll need to process on a monthly basis, as well as determine whether you’ll need extra features such as recurring payments and automated billing.

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