Electronic check conversion

(redirected from Accounts Receivable Conversion)
Also found in: Acronyms.

Electronic Check Conversion

A form of payment in which the payer writes the payee a check, but in which the actual funds are debited/credited electronically. The U.S. Treasury has used electronic check conversion to make large payments online.

Electronic check conversion.

Electronic check conversion is a payment process in which you give a payee a check, but the actual payment is processed as an electronic funds transfer.

The payment is automatically debited from your account using the account, routing information, and bank ID information on your check, which is either voided and returned to you or destroyed.

A business must notify you before it uses electronic check conversion to process your payment. Keep in mind that an electronic funds transfer will be completed much more quickly than a check, so it's important to have the funds available in your account before you authorize an electronic check conversion.

As with any other type of electronic funds transfer, you have the right to ask your bank to investigate any errors or misuses.

References in periodicals archive ?
CheckFree PEP+ reACH also provides an end-to-end Accounts Receivable Conversion (ARC) solution that converts paper payments to electronic payments and enables them to be processed via the ACH payment network.
The DigiFunds(TM) solution not only offers the highly popular remote capture functionality of Check 21, but also facilitates the conversion of items using various ACH check conversion processes, including Accounts Receivable Conversion (ARC), Point of Purchase conversion (POP), or Represented Check (RCK).
Remote Deposit for Check 21 and NACHA accounts receivable conversion (ARC)-based remote corporate check capture
org/), The Electronic Payments Association, business checks up to $25,000 are eligible to be converted into Automated Clearing House (ACH) transactions through Accounts Receivable Conversion (ARC) or Point-of-Purchase (POP) transactions.
A rich Graphical User Interface (GUI), support for existing Accounts Receivable Conversion (ARC) interface packages, and forward image presentment for Check 21 Electronic Cash Exchange (ECE) all make PayCourier 5.
e-CAP is preparing to provide the same lowest-cost settlement route advantages it has through its products such as Point of Sale Conversion (POP) and Accounts Receivable Conversion (ARC), as well as its other ACH products to businesses that in the past could not utilize these technologies due to cost, NACHA rules conflicts, etc:
Re$ubmitIt not only processes paper NSF checks, but also electronic ACH originations and check conversions, including: back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB).
The program can also collect electronic items including ACH originations and check conversions, such as back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB) with no equipment or hardware requirements.
Re$ubmitIt processes paper NSF checks, as well as electronic ACH originations and check conversions, including: back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB).
In addition to processing NSF checks, Re$ubmitIt also processes ACH originations and check conversions, including back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB).
In addition to processing returned paper checks, Re$ubmitIt also processes electronic items, including ACH originations and check conversions, such as back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB).
Full browser ?