Electronic check conversion

(redirected from Accounts Receivable Conversions)

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 ?
ACH transactions include accounts receivable conversions, auto-debits, telephone checks and web payments.
Re$ubmitIt not only processes paper NSF checks, but also electronic ACH originations and check conversions, including: back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB).
US Dataworks today announced that it has processed through its systems for conversion into Accounts Receivable Conversions (ARC) a total of 122,251,558 Automated Clearing House (ACH) transactions for the 12 months ended December 31, 2003.
The program can also collect electronic items including ACH originations and check conversions, such as back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB) with no equipment or hardware requirements.
Re$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).
In addition to processing paper 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).
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