(statistics provided by electronicpayments.org)

Tips for selecting an Electronic Check Processing System

• Choose a system that does not require you to purchase expensive hardware or software upfront
  
  
• Look for
  Detour To Restaurant Food Trends
  While there are a lot of areas in a restaurant business which needed scrutinizing, there are areas of primary concern that an owner or manager should always look after. The good service, food and affordability are just one of the few restaurant concerns.Nobody really knows what are going to be the major changes that await restaurant owners and restaurant businesses but the trends with food are certain to grow and improve and even evolve in the next coming years.Today, there are about 4 out of 10 restaurant diners each day. That means; more and more people find it easier, comfortable and fast to dine at restaurants at least once a day. Because of this increasing interest and changing diner traits, restaurants should also adjust and make sure that they serve only the freshest, safest and healthy food for their frequent customers.Self-medication and disease-free food is the top requirement in following restaurant and food trend. It’s not all about the taste of the food or the look of it that m
  What is Electronic Check Processing?
  Electronic check processing means that you can convert a paper check received from a customer into an electronic transfer (sometimes called an e-check) that takes funds from your customer's account and places them into your account. (You may have seen transactions of this type on your checking statement.) This transfer takes place via the Federal Reserve Bank’s Automated Clearing House (ACH) system. It's a faster, less-expensive way to get your money.

  What is the ACH Network?
  Put very simply, the ACH network moves money from one entity to another--electronically. The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries. The process is governed by NACHA, The National Automated Clearing House Association (nacha.org), operating rules and business processes.

  ACH Transaction Types:

  • Direct Deposit of payroll, Social Security and other government benefits, and tax refunds
  • Direct Payment of consumer bills such as loans, utility bills and insurance premiums
  • Business-to-business payments
  • Electronic Checks (E-checks)
  • E-commerce payments
  • Federal, state and local tax payments.

  If you're getting your paychecks directly deposited into your bank account, you're already using the ACH network. You can leverage this system for your business so that you never need to go to the bank again—you can process checks electronically from your computer.

  Processing Electronic Checks
  Electronic check processing is the means by which you can take a paper check and submit it for payment electronically instead of taking it to the bank. Your bank may offer you this capability if you purchase a check scanner from them. The scanner takes an image of the check and submits that image to the bank electronically. The bank then processes that check just as if you had handed over the physical check itself.

  An easier way to process checks electronically is to use a software program or a web-based payment processing service. When using a web-based system or ASP, you don’t need to install any software or buy any hardware. You simply key in check information and submit the transaction.

  The process is simple:

  1. Notify
  You must notify your customers that their paper checks will be processed electronically. You can do this in writing on your invoices, or you can post a sign with this information at your place of business.

  2. Collect and Convert
  When a paper check is presented as payment, it is converted to a one-time ACH-based electronic payment, with pertinent information regarding the customer's financial institution and account number captured. You then make an image for archival purposes (you should keep this copy for 2 years), stamp the original check "VOID" and discard it.

  3. Process
  An ACH file is created and presented to your financial institution—this is typically done by the payment processing system you are using; the payments are processed through the ACH network, the customer's account is debited, and your account is credited. It typically takes about two business days for the money to reach your account; this is about the same time it takes when you submit a paper check to the bank. However, you will be notified of insufficient funds in about 48 hours with an electronic transaction—it can take over a week to get that information with a traditional transaction.

  4. Confirm.
  Once your customer’s account is electronically debited, the payment is listed on their bank account statement under "other electronic payments" or a similarly labeled area. The description will include the check number, amount, and the billing company name. Your customers won’t be able to get a copy of the check with their statements, but they can request that you provide a copy (which is why you need to keep one in your files).

  Electronic Check Processing Enables Your Business To:

  • Improve cash flow with quicker access to your money
  • Save your customers time and money
  • Increase on-time collections
  • Receive 48-hour notification of NSF
  • Eliminate manual reconciliation of insufficient funds
  • Eliminate time-wasting trips to the bank

  Why Use Electronic Check Processing?

  • It costs on average $1.22, in manpower and incidental costs, to process a paper check. Electronically processing that check can cost as little as 55 cents.
    
    
  • Check conversion requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
    
    
  • Your customers will appreciate the convenience too! With electronic check (or e-check) processing they can give you the check information over the phone, or submit it via an online form. They no longer need to pay postage!
    
    
  • Check conversion relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
    
    
  • The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with check conversion.
    
    
  • Check conversion is the fastest-growing type of electronic payment ever. Over 1 billion consumer bill payments by check were successfully converted to ACH payments in 2004.
    
    
  • Check conversion reduces time and resources needed to process payments, resulting in continued cost savings to your company.
    
    
  • Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

  (statistics provided by electronicpayments.org)

  Tips for selecting an Electronic Check Processing System

  • Choose a system that does not require you to purchase expensive hardware or software upfront
    
    
  • Look for a
    Six Sigma Process Simulation And Modeling
    Six Sigma has become a buzzword in industry circles since its introduction in the 1990's. The methodology is based on a disciplined and data driven approach and is used for eliminating defects and achieving near perfection by restricting the number of possible defects to less than 3.4 defects per million. It is being used effectively for managing processes of both, manufacturing and services industry. In the manufacturing industry, it is used for limiting defects in the goods produced whereas in the services sector it is used mainly for reducing transactional errors.What Is Process Simulation And Modeling?Simulation software based on Six Sigma methodologies can be used for simulating a wide range of processes in order to eliminate common industry problems related to defects, wastage of productive resources, and quality control. The basic idea governing Six Sigma process simulation is to provide an accurate system of measuring defects in a process, so that these can be eliminated during the actual
    benefits, and tax refunds
  • Direct Payment of consumer bills such as loans, utility bills and insurance premiums
  • Business-to-business payments
  • Electronic Checks (E-checks)
  • E-commerce payments
  • Federal, state and local tax payments.

  If you're getting your paychecks directly deposited into your bank account, you're already using the ACH network. You can leverage this system for your business so that you never need to go to the bank again—you can process checks electronically from your computer.

  Processing Electronic Checks
  Electronic check processing is the means by which you can take a paper check and submit it for payment electronically instead of taking it to the bank. Your bank may offer you this capability if you purchase a check scanner from them. The scanner takes an image of the check and submits that image to the bank electronically. The bank then processes that check just as if you had handed over the physical check itself.

  An easier way to process checks electronically is to use a software program or a web-based payment processing service. When using a web-based system or ASP, you don’t need to install any software or buy any hardware. You simply key in check information and submit the transaction.

  The process is simple:

  1. Notify
  You must notify your customers that their paper checks will be processed electronically. You can do this in writing on your invoices, or you can post a sign with this information at your place of business.

  2. Collect and Convert
  When a paper check is presented as payment, it is converted to a one-time ACH-based electronic payment, with pertinent information regarding the customer's financial institution and account number captured. You then make an image for archival purposes (you should keep this copy for 2 years), stamp the original check "VOID" and discard it.

  3. Process
  An ACH file is created and presented to your financial institution—this is typically done by the payment processing system you are using; the payments are processed through the ACH network, the customer's account is debited, and your account is credited. It typically takes about two business days for the money to reach your account; this is about the same time it takes when you submit a paper check to the bank. However, you will be notified of insufficient funds in about 48 hours with an electronic transaction—it can take over a week to get that information with a traditional transaction.

  4. Confirm.
  Once your customer’s account is electronically debited, the payment is listed on their bank account statement under "other electronic payments" or a similarly labeled area. The description will include the check number, amount, and the billing company name. Your customers won’t be able to get a copy of the check with their statements, but they can request that you provide a copy (which is why you need to keep one in your files).

  Electronic Check Processing Enables Your Business To:

  • Improve cash flow with quicker access to your money
  • Save your customers time and money
  • Increase on-time collections
  • Receive 48-hour notification of NSF
  • Eliminate manual reconciliation of insufficient funds
  • Eliminate time-wasting trips to the bank

  Why Use Electronic Check Processing?

  • It costs on average $1.22, in manpower and incidental costs, to process a paper check. Electronically processing that check can cost as little as 55 cents.
    
    
  • Check conversion requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
    
    
  • Your customers will appreciate the convenience too! With electronic check (or e-check) processing they can give you the check information over the phone, or submit it via an online form. They no longer need to pay postage!
    
    
  • Check conversion relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
    
    
  • The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with check conversion.
    
    
  • Check conversion is the fastest-growing type of electronic payment ever. Over 1 billion consumer bill payments by check were successfully converted to ACH payments in 2004.
    
    
  • Check conversion reduces time and resources needed to process payments, resulting in continued cost savings to your company.
    
    
  • Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

  (statistics provided by electronicpayments.org)

  Tips for selecting an Electronic Check Processing System

  • Choose a system that does not require you to purchase expensive hardware or software upfront
    
    
  • Look for
    Tie Up Loose Ends or Find Yourself in Knots
    The final step toward putting your past behind so you can reach for what's possible is tying up your loose ends. Loose ends are the unresolved relationships that keep you from sleeping worry free at night.Skeletons are hard to keep buried because they always have a bone to pick.You have a loose end, if there's someone you don't want to see at the grocery store or movie theater. You have a loose end, if there's someone you don't want to run into on a first date or at work. You have a loose end, if there's someone you don't want to sit next to at a holiday dinner. Loose ends are distracting and have an amazing way of biting you in the butt at the worst times.When loose ends are lurking in the back of your mind, they take your focus off doing what it takes to succeed. Loose ends bring you back to a place where you don't want or need to go. Loose ends must be tied up so they cannot run free to steal your confidence and concentration. Tying up loose ends allows you to totally focus on doing what
    is simple:

    1. Notify
    You must notify your customers that their paper checks will be processed electronically. You can do this in writing on your invoices, or you can post a sign with this information at your place of business.

    2. Collect and Convert
    When a paper check is presented as payment, it is converted to a one-time ACH-based electronic payment, with pertinent information regarding the customer's financial institution and account number captured. You then make an image for archival purposes (you should keep this copy for 2 years), stamp the original check "VOID" and discard it.

    3. Process
    An ACH file is created and presented to your financial institution—this is typically done by the payment processing system you are using; the payments are processed through the ACH network, the customer's account is debited, and your account is credited. It typically takes about two business days for the money to reach your account; this is about the same time it takes when you submit a paper check to the bank. However, you will be notified of insufficient funds in about 48 hours with an electronic transaction—it can take over a week to get that information with a traditional transaction.

    4. Confirm.
    Once your customer’s account is electronically debited, the payment is listed on their bank account statement under "other electronic payments" or a similarly labeled area. The description will include the check number, amount, and the billing company name. Your customers won’t be able to get a copy of the check with their statements, but they can request that you provide a copy (which is why you need to keep one in your files).

    Electronic Check Processing Enables Your Business To:

    • Improve cash flow with quicker access to your money
    • Save your customers time and money
    • Increase on-time collections
    • Receive 48-hour notification of NSF
    • Eliminate manual reconciliation of insufficient funds
    • Eliminate time-wasting trips to the bank

    Why Use Electronic Check Processing?

    • It costs on average $1.22, in manpower and incidental costs, to process a paper check. Electronically processing that check can cost as little as 55 cents.
      
      
    • Check conversion requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
      
      
    • Your customers will appreciate the convenience too! With electronic check (or e-check) processing they can give you the check information over the phone, or submit it via an online form. They no longer need to pay postage!
      
      
    • Check conversion relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
      
      
    • The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with check conversion.
      
      
    • Check conversion is the fastest-growing type of electronic payment ever. Over 1 billion consumer bill payments by check were successfully converted to ACH payments in 2004.
      
      
    • Check conversion reduces time and resources needed to process payments, resulting in continued cost savings to your company.
      
      
    • Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

    (statistics provided by electronicpayments.org)

    Tips for selecting an Electronic Check Processing System

    • Choose a system that does not require you to purchase expensive hardware or software upfront
      
      
    • Look for
      10 Questions to Ask Before Licensing Your Program
      Once you have several products or services that are selling quite well, your customer will begin to ask if you will permit others to use your product as the basis for training that they are doing. Or, if you are doing training or consulting, you may be asked if you'll train others to be a trainer using your system.This is the perfect opportunity for you to consider licensing your content or program. You've only got so many hours in the day, and if you have others delivering your content and/or requiring the purchase of your materials, your business will grow exponentially as a result.Here are some issues to think about as you consider licensing your content to others:1. What will you charge for a licensing fee? Will it be a one-time fee or something that has to be renewed periodically, like on an annual basis? Or, do you base it on a percentage of sales?2. Will you charge a royalty for each product sold or per participant in a training session? What systems do you need to put i
      , the payment is listed on their bank account statement under "other electronic payments" or a similarly labeled area. The description will include the check number, amount, and the billing company name. Your customers won’t be able to get a copy of the check with their statements, but they can request that you provide a copy (which is why you need to keep one in your files).

      Electronic Check Processing Enables Your Business To:

      • Improve cash flow with quicker access to your money
      • Save your customers time and money
      • Increase on-time collections
      • Receive 48-hour notification of NSF
      • Eliminate manual reconciliation of insufficient funds
      • Eliminate time-wasting trips to the bank

      Why Use Electronic Check Processing?

      • It costs on average $1.22, in manpower and incidental costs, to process a paper check. Electronically processing that check can cost as little as 55 cents.
        
        
      • Check conversion requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
        
        
      • Your customers will appreciate the convenience too! With electronic check (or e-check) processing they can give you the check information over the phone, or submit it via an online form. They no longer need to pay postage!
        
        
      • Check conversion relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
        
        
      • The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with check conversion.
        
        
      • Check conversion is the fastest-growing type of electronic payment ever. Over 1 billion consumer bill payments by check were successfully converted to ACH payments in 2004.
        
        
      • Check conversion reduces time and resources needed to process payments, resulting in continued cost savings to your company.
        
        
      • Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

      (statistics provided by electronicpayments.org)

      Tips for selecting an Electronic Check Processing System

      • Choose a system that does not require you to purchase expensive hardware or software upfront
        
        
      • Look for
        Successful People Are On Time!
        I recently attended a Microsoft event at their corporate headquarters in Redmond, Washington. This event was a fantastic opportunity to meet with fellow leaders in the Microsoft partner community from around the world and spend quality time with each one of them. The event was held over four days and we had a very tight schedule and the importance of timeliness was critical to its overall success.The timeliness factor really didn’t hit me until I was ready to head back to the airport for my trip home. My town car arrived a few minutes early to collect me and I noticed that the driver was there waiting so I signaled to him that I would be ready in the next few minutes. I collected my personal belongings from the hotel concierge and met the driver for the trip from downtown Seattle to SeaTac Airport.When I was seated in the car and we were on our way, the driver looked in his rear view mirror and thanked me for being on time. He continued to say that “successful people are always on time”. Th
        ia an online form. They no longer need to pay postage!
        
        
      • Check conversion relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
        
        
      • The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with check conversion.
        
        
      • Check conversion is the fastest-growing type of electronic payment ever. Over 1 billion consumer bill payments by check were successfully converted to ACH payments in 2004.
        
        
      • Check conversion reduces time and resources needed to process payments, resulting in continued cost savings to your company.
        
        
      • Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.

      (statistics provided by electronicpayments.org)

      Tips for selecting an Electronic Check Processing System

      • Choose a system that does not require you to purchase expensive hardware or software upfront
        
        
      • Look for a flat rate on electronic check transactions—you should never have to pay a percentage of the transaction to the processor.
        
        
      • Pay attention to both monthly fees, transaction fees, and monthly minimums to select a system that makes the most financial sense for your business
        
        
      • Choose a system that securely stores customer information so that you will be able to eliminate duplicate data entry when your customers submit multiple payments.
        
        
      • Choose a system that can easily export customer data so that you can automate your entire a/r system by integrating payment processing with your main business management software.
        
        
      • Look for a system that enables you to both process electronic checks and to do direct-debit transactions. (This means collecting from customer bank accounts without having a paper check—such as check by phone transactions, online bill pay, or recurring monthly charges deducted automatically from customer accounts.) You should be charged the same flat transaction amount for direct-debits that you are charged for electronic check transactions.
        
        
      • Security is important when transferring funds electronically—make certain that the payment processing system you use has powerful security and encryption tools in place such as a 1024-bit Digital Certificate, 128-bit encryption, and a SSL (Secured Socket Layer) compliant with CISP -- Cardholder Information Security Platform.