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Money management skills live on in the form of a dynamic new electronic solution to help businesses manage payments, while saving time, and reducing handling costs. By converting paper checks simply and immediately into electronic checks, the new
Check 21/ARC - Accounts Receivable Check Conversion (Formerly Back Office Check Truncation) accepts responsibility in a truly modern manner -- by helping you get funds into the bank more quickly and by helping you improve accuracy and accountability in the management of your business' financial resources.
What is
Check 21/ARC?
Check 21/ARC is
a new electronic check conversion system designed
specifically to help businesses process more quickly,
efficiently and securely the thousands of checks that they
take in. By converting paper checks immediately into
electronic files, Check 21/ARC processes
paper checks from your customers all the way to your bank
account in the shortest time possible, virtually eliminating
a number of tedious steps – securing, sorting, endorsing,
depositing, transporting, even re-keying information for
individual customer records – that can take employees hours,
even days, to accomplish.
How does
Check 21/ARC work?
Designed by electronic payment specialists,
Check 21/ARC a special imaging device to deliver funds into your account in the fastest way possible. Connected easily to an in-house workstation on your network or to a stand-alone computer with Internet access, the device quickly images each paper check, then transmits your batch of checks immediately through the Federal Reserve's Automated Clearing House network, or ACH, to deposit the funds directly from each customer's account into your bank account. Funds settle in 24-48 hours. In addition, this special device can provide information for posting into many management systems, and can even make a copy of the payment envelope and discount coupons, saving further time and money and improving both accuracy and accountability.
Why make the switch from manual check processing to
Check 21/ARC?
Gone are the days of endless paper processing and the resulting delays and frustrations; by making the switch to
Check 21/ARC, your business can:
- Improve cash flow through the quick settlement of funds
- Reduce errors and therefore research and rework
- Improve accountability and audit ability through the use of digital processing
- Reduce costs by requiring less employee time to process checks
- Eliminate copier expense for payment records
- Eliminate years of storage expense for envelopes and checks
- Reduce time spent in retrieving data when research is required
- Free up employees for other tasks
- Lower NSF charges
- Reduce or eliminate deposit charges
- Decrease potential for identity theft
- Decrease potential for employee dishonesty
10 Things you'll never hear from someone using
Check 21/ARC :
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I like endorsing all of these checks
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I love making out deposit slips.
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I don't mind paying for armored car pickups.
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Cash flow is not that big of an issue for us.
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I love spending hours reconciling checks.
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Focusing on revenue generating tasks is not all that important.
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I like copying all of these checks.
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It takes us hours, sometimes days, to find statement problems.
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We have to rent space to store checks and envelopes.
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I'll never get all of these checks into the bank by closing time.
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