There is universal agreement within the payment processing industry that the way checks are processed will be fundamentally altered by the Check Clearing for the 21st Century Act, commonly referred to as Check21, which became effective on October 28, 2004. Not unlike MICR encoding of checks over 40 years ago, the Check 21 legislation will engender changes we have barely begun to witness.
With the enactment of Check21 legislation in the US in 2004, check processing has entered a new era of technological advances. Financial institutions can now convert checks into an electronic image early in the presentment cycle and reduce or even eliminate paper handling. Check21 can be used to save processing costs in transportation, labor, infrastructure and other areas.
Take advantage of InPaySolutions state of the art check21 processing. The cost savings will be seen immediately. Your NSF’s and chargeback’s will be drastically reduced.
Functions include:
- Same day funds availability if transaction occurs before 8PM EST at a minimal surcharge.
- Faster notification of returned items (1 business day vs. 7-10 days in paper form).
- Lowers the amount of monthly chargeback’s.
- Direct Merchant-to-Bank transaction submissions. Funds are strictly controlled by the merchant and their participating bank.
- Negative check database and funds verification of transactions.
- Direct to Fed Line allows for the acceleration of check clearing.
- Automated method to capture the dollar amount on the check and reduce entry time and errors.
- Eliminates the need to stand in line at your local bank.
- Ability to access and retrieve check data, images , and payment status 24 hours a day 7 days a week.
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