Benefits of The Exchange system versus traditional paper checking for your customers
Traditional paper-based checking Until now businesses have been forced to work with paper checking processes that are highly labor intensive and time consuming for accounts/receivables departments.
1.
The check information is manually posted to the accounts/receivables.
2.
A deposit slip is prepared and the checks must be manually transported to the bank branch. This presents a potential security risk of lost or stolen items as well as a loss of time as the employee stands in line and waits to hand the checks over to the teller.
3.
The checks are then transported from the branch to the bank’s processing center.
4.
After processing, checks are transported yet again to the paying bank where they are processed once more.
There has to be an easier, more secure way to get the job done.
The Exchange electronic checking process
Image deposit checking gives businesses and banks a streamlined check processing solution that saves time and money versus traditional paper checking.
1.
Merchant or corporate A/R department high speed scans the checks and automatically captures all of the pertinent information needed for processing and sends it electronically to The Exchange.
2.
The check is processed and funds are electronically deposited into the merchant’s or corporation’s current bank account.
