Just Like a Credit Card!

Electronic Check Conversion or ECC is a result of banking rule changes rather than new technology. Paperless Transaction Corp. was formed in 1998 to leverage these new rules.

The viability of the procedure was obvious. Checks could now be processed just like credit cards. The only difference was the source document, one was plastic and the other was paper. Both were returned to the customer after the transaction was approved. The terminal batch was closed at the end of the day and the file was formatted to meet federal banking requirements. Overnight checks writer accounts were debited and merchant accounts were credited. The advantage to the merchant was clear. Faster cash flow and reduced bad check losses.

Paperless Transaction Corp. developed a powerful software program (E-Chex) to offer this improved check clearing service to merchants. As an added enhancement we also offered a guaranteed transaction option. They could now accept credit cards and checks through the same terminals, for the same rates, receive their funds in the same time frame and never have to deal with a bad check again. Returned items or bounced checks came directly to PTC. Merchants quickly saw the value and signed up in great numbers.

Working with major manufactures PTC developed terminal applications allowing merchants to use their existing equipment to support E-Chex rather than buying new equipment. Today E-Chex applications can be found on virtually every terminal manufactured.

"Still the Leader..." is more than just a phrase at E-Chex. It means always striving to do old things in new ways. Contact us today to let us show you how were different.

E-Chex offers three levels of Service Accounts: Check Verification, Electronic Check Conversion without Guarantee, and Electronic Check Conversion with Guarantee. For more information on which service account best fits your budget and needs, refer to the chart below.

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