Lockbox Truncation

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Lock Box Truncation

The Lock Box Check Conversion pilot program currently being conducted by the National Automated Clearing House Association (NACHA) permits billing companies to test a new service: Electronically converting a check received in payment for goods or services at the lock box (point of receipt) and processing the payment through the Automated Clearing House (ACH) network. You're Company copies payment information electronically, including routing number, account number, Payer and check serial number. Payment information is then entered by Amer-link 2000, EFT into the ACH network and transmitted to the your company financial institution. The ACH entry flows through the ACH network and debits the Payer's account. Settlement is carried out in the same manner as for other ACH transactions. The company retains the check, or a legally permissible copy of the check, according the requirements of the Uniform Commercial Code.

Lockbox Check Truncation is the changing of a personal paper check into an electronic check at the point of sale. The check becomes an Electronic Funds Transfer (EFT) and is processed through the Automated Clearing House.

The ACH is the federally regulate electronic payment network used by 95% of the country's financial institutions.

How Does It Work?
Merchant receives check for payment of goods or services via mail or delivery Check is scanned by check reader Check data is transferred from the reader into our Windows 95 PC software Check data is batched and transmitted to the EFT NETWORK, Inc. processing center for presentment through the ACH Payment is made to the merchant in 24 hours - same as POS truncation. THE PROCESS IS FAST AND EASY TO PERFORM - NO MORE BANK RUNS!!!! NO MORE LOST OR STOLEN CHECKS!!!

What Are The Benefits?
The ACH will transfer the funds electronically -The funds will be transferred into the merchant account in 24-36 hours. -Neither the merchant nor the bank has to process a single paper check. -Low transaction rate -Low NSF fee -No deposit slips to fill out -No lost or stolen checks to worry about -No bank runs to make -No bank deposit fees -NEVER an NSF or Processing fee from the bank to the merchant -NSF checks will show up in several days as opposed to weeks - you can redeposit immediately and keep all fees -Reduced handling costs -THIS PROGRAM IS ALL ABOUT SPEED AND SAVING MONEY - YOU GET YOUR MONEY A LOT FASTER AND IMPROVE YOUR FLOAT TIME!!!