Accepting checks has never been so convenient and cost-effective.
Modern Processing Solutions converts paper checks into safe, efficient electronic transactions that are processed with the speed and ease of credit card transactions. Gone are manual check reconciliations, time-consuming trips to the bank, and the hassles of check collections. Modern Processing Solutions is not a one-size-fits-all solution. Our industry-leading product enables you to accept both business and personal checks, while choosing the best point-of-sale configurations, risk mitigation service levels, and imaging options to match your operating needs.
Processing:
We support real-time financial processing for all checks by automatically and systematically leveraging three processing methods.
Direct DDA Access: Reaches more than 30 percent of consumer checking accounts through a real time debit gateway.
Automated Clearing House (ACH) Processing: Clears checks drawn on non-participating DDA banks through the ACH network.
Check Replacement Document (CRD) Processing:Processes business checks and exception items through the banking system.
Service Levels:
Choose the right mix of security and convenience to significantly reduce check fraud and collection hassles. Plus, we automatically handles the returns process, keeping you financially whole throughout the process.
Conversion with Guarantee: The check amount is guaranteed. No more paperwork or collections.
Conversion with Verification:Verifies that the check is “good.” You retain the risk for returned items for all processed transactions.
Imaging: Image checks at the point of sale or take advantage of our ability to separate the imaging process from the financial transaction.
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 check present/consumer absent transactions, which are typical of 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, using a high-speed batch imager.
Outsourced Imaging: Like the COI option, check imaging is performed separately from electronic authorization and clearing. However, your own central location or a Modern Processing Solutions processing site performs the check imaging instead of your back office. Call us today at 866.359.0770 so we can answer any questions you may have.
