Who's Writing Checks?
| PAYER | % of all Checks |
| Individual | 51% |
| Business | 32% |
| Unknown | 12% |
| Government | 5% |
| TOTAL | 100% |
* Data taken from Federal Reserve Payments Study
As you can clearly see consumers and businesses still heavily rely on writing checks as a preferred form of payment for goods and services.
Check Processing Services
In The World Today!
Thirty years ago it was predicted that paper checks would disappear; but nothing could be farther from the truth. The use of checks for personal and business payments remains vital to the nation’s economy due to steady growth in economic activity and population. Studies indicate checks will continue to serve as a primary payment instrument well into the future.
According to the most recent Federal Reserve Payments Study in 2007- the value of check payments in 2006 was $41.7 trillion, eclipsing the $34.1 trillion that was processed through all other electronic methods combined.
The average value per check increased from $1070 in 2003 to $1,366 in 2006, while the average credit card transaction for the same period rose marginally from $89 to $98. The average value of returned checks increased from $731 in 2003 to $1,124 in 2006.
Segmentation of check usage has remained relatively constant in recent decades. The most recent Federal Reserve data shows that individuals write the largest volume of checks with businesses being the largest recipient of check payments at 56 percent.
Check Service Levels
Choose the right mix of security and convenience to significantly reduce check fraud and collection hassles. Plus, Revolution Payments automatically handles the returns process, keeping you financially whole throughout the process.
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Conversion with Guarantee – The check amount is guaranteed. No more paperwork or collections.
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Conversion with Verification – ECS verifies that the check is “good.” You retain the risk for returned items for all processed transactions.
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Conversion with Verification & Collections – Offers all the advantages of conversion and verification, while eliminating the need for merchants to perform collections.
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Conversion Only – The check is converted and processed without risk services.
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Custom Combination – Custom-designed risk programs are available, consisting of any combination of services.
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Imaging Solutions
Image checks at the point of sale or take advantage of Revolution Payments ability to separate the imaging process from the financial transaction.
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Point of Purchase (POP) – Through use of a check imager at the point of sale, each check is converted to an electronic transaction and imaged for archival and retrieval purposes. The voided check is handed back to the customer.
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Accounts Receivable Conversion (ARC) – Used for check present/consumer absent transactions, which are typical of receivable payments.
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Cash Office Imaging (COI) – Checks are authorized and processed via existing MICR check readers at the point of sale, while imaging is handled separately in your back office, using a batch imager.
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Outsourced Imaging – Like the COI option, check imaging is performed separately from electronic authorization and clearing. However, your own central location performs the check imaging instead of your back office.
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POS Solutions
The power, flexibility, and convenience of ECS can be a great asset to your business. Whether you use terminals, software, or an integrated solution, ECS is compatible with a range of point-of-sale payment acceptance devices.
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Terminal Solutions – Use your existing POS payment terminal and simply attach a check imager via a port on the back of the terminal.
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All-in-One Terminal – Accept cards, authorize, and image checks in one operation at the point of sale. No additional equipment or attachments are needed.
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PC-Based Software Solutions – Connect a check imager via a USB port on your computer, and use one of our powerful software payment solutions if your point-of-sale system is PC-based.
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Integrated POS Solutions – Accept checks as seamless as other forms of payment when you integrate ECS with your POS register system. Automated Clearing House (ACH) processing clears checks drawn on non-DDA participating banks.
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