Paper Checks Remain the Largest Non-Cash Payment Method
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 world’s economy. Studies indicate that checks will continue to serve as a primary payment instrument well into the future.
According to a recent Federal Reserve Payments Study in 2019, the value of check payments in 2018 was $23 trillion, eclipsing the $47 trillion that was processed through all other electronic methods combined.
The average value per check increased from $1,070.00 in 2003 to $2,710.00 in 2018, while the average credit card transaction during that same period rose marginally from $89.00 to $157.00.
Segmentation of check usage has remained relatively constant in recent decades. The most recent Federal Reserve study showed that individuals write the largest volume of checks, with businesses being the largest recipient of check payments.
Who is writing the checks?
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Check Service Levels
Tailored Transactions provides end-to-end check management solutions that allow your business to accept checks hassle free. We offer multiple solutions so that you choose the right mix of security and convenience that best fits your business model.
- Conversion with Guarantee: Check amount is guaranteed. No more paperwork or collections.
- Conversion with Verification: ECS verifies that the check is “good.” You retain the risk for returned items for all processed transactions.
- Conversion with Verification & Collections: Offers all the advantages of conversion and verification, while eliminating the need for merchants to perform collections.
- Conversion Only: The check is converted and processed without risk services.
- Custom Combination: Custom-designed risk programs are available, consisting of any combination of services
Check Imaging Solutions
Image checks at the point of sale or take advantage of our ability to separate the imaging process from the financial transaction. We can customize all of these solutions to meet your individual check imaging needs.
- 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.
- Accounts Receivable Conversion (ARC): Used for both check present and consumer absent transactions, which is typical of bulk receivable payments.
- 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.
- 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.
POS and Software 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 devices.
- Terminal Solutions: Use your existing POS payment terminal and simply attach a check imager via a port on the back of the terminal.
- 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.
- PC-Based Software Solutions: Connect a check imager via USB port on your computer and use one of our powerful software payment solutions if your point-of-sale system is PC-based.
- Integrated POS Solutions: Accept checks as seamlessly as other forms of payment when you integrate ECS with your POS register system. ACH processing clears checks drawn on non-DDA participating banks.