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What is an Electronic Check?

The technology of tomorrow is here today!

Imagine your customer handing you a check:

• You enter the requested data into a point of sale terminal
• You slide the check through the check scanner

Instantly, an image of the check is created and stored in the check scanner!

Instantly, an electronic transaction request is transmitted for apporoval!

Instantly, a receipt is printed which the customer signs allowing for ACH funds transfer!

• Hand the check back to the customer
• Funds are transferred to your account within 24 - 48 hours
• "Electronic" checks which bounce hit SPS's bank account, not yours!

Save on individual deposit item charges, bad check fees, banking time and effort, deposit ticket costs, and cash flow delays.

Frequently asked Questions:

1. Can I continue to take and authorize both paper and "electronic" checks?
   1. Answer: Yes, you select the option you want (P or E) during the prompting sequence in the terminal.
2. Can I perform both Verification and Guarantee on a selected basis?
   1. Answer: Yes, you can select the option you want (G or V) during the prompting sequence in the terminal.
3. Can I put business checks through as "Electronic" checks?
   1. Answer: No, because the name of the person presenting the check is not imprinted on the check. In addition, a messenger may be presenting a check not signed in your presense, or the individual signing the check may not be authorized to sign on behalf of the business.
4. Can all personal checks be attempted for electronic check processing?
   1. Answer: Yes, however we may not be able to electronically convert certain checks belonging to financial institutions that are not NACHA members. In those are circumstances a paper check must be accepted.
5. What is the meaning of NACHA?
   1. Answer: NACHA stands for the national Automated Clearing House Association.
6. What if my customer refused to sign the receipt authorizing the electronic funds transfer?
   1. Answer: The terminal will automatically void the transaction and accept the paper check.
7. Why should I guarantee these items if funds are being moved instantly between the parties?
   1. Answer: Because the money is NOT moving instantly! The funds are settled within 24 to 48 hours and, like paper checks, there is no assurance that funds will be available when the ACH settlement transaction finally hits the check writer's account. In that brief period of time, your customer can withdraw funds, close the account, or place a stop payment order on the electronic debt.
8. Can I use my existing credit card terminal?
   1. Answer: Yes, if it is a Verifone Omni 3750, Tranz 380x2 (and the second half of the unit is open) or if it is a stand alone tranz including the 330, 380, or 460. Plus, you can use Nurit, Hypercom, Talento (if on Vital), or Ingenico Elite.
9. What type of check reader device is required?
   1. Answer: You must have an electronic check imager to use this service with the guarantee program. We support the RDM EC6000I and EC6000F, Magtek's MicroImage, Ingenico 2600, as well as the Verifone CR1000.
10. Do I need to stamp Void on the check?
    1. Answer: yes, in most instances, except when using the RDM EC6000F as it has a franking system that automatically franks the check when it is appoved.

For more information, use our contact form, or call us right now at:

(970) 532-4831