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 sub
  Opening a Dollar Store - Watch Out for Store Traffic Changes!
  Are you opening a dollar store? If so always remember that it is quite easy for those who are very close to a business to lose sight of exactly what is happening with that business. It is very easy for a business to get out of control and for unexpected consequences to result.Make it a practice to routinely examine the different components of your business. For example examining traffic and surrounding area demographics on a routine basis is important after opening a dollar store.Have there been significant changes in traffic flow into the store, flows on main streets and into the parking lot? Are traffic counts on major thoroughfares that surround your business the same or higher? Is there still the same easy access in and out of the area around your store? Have parking space numbers changed? Is it still easy for your customers to find parking that allows them to quickly run in and purchase a needed item? These are all important after opening a dollar store.How about tenant businesses i
  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 subm
    Medical Billing - GU0 Record Fields 38 Through 45
    Did you ever play a game of battleship, where you have to blindly plug in little pegs to try to find your opponents ships? Well, medical billing is sometimes like that, especially when you're billing claims electronically and sending a GU0 record, or CMN. The "plug in the values" approach to many of the fields leaves many billers dazed and confused. In this installment we're going to continue our review of the GU0 record, picking up with field number 38.GU0 field 38, position 124, is Reply ALN L01 N13. This is the response to the thirteenth question on any DMERC certification requiring a one position response. The forms supported are 01, 02 and 07 for responses Y, N or D. Form 03 is reserved for future use. This field covers all generic CMNs.GU0 field 39, position 125, is Reply ALN L01 N14. This is the response to the fourteenth question on any DMERC certification requiring a one position response. The forms supported are 01 and 07 for responses Y, N or D. Form 03 is reserved for future
    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 sub
      Cheapskates!
      Pennypinchers, churls, moneygrubbers, niggards, pikers, pinchfists, scrimps – I HATE them. They have a scarcity mentality and they nickel and dime everyone. I don’t spend any time with them. Frugality is good, but being cheap is not smart when you want to create abundance, friends and happiness. One of the things I have learnt is that I should spend money where appropriate. Don’t take someone to a fast food joint to close a big deal. And don’t spend a fortune on things that show no ROI. But the biggest lesson I learnt is not to do business with tightwads.Pennypinchers want everything for nothing, and they always want discounts. Here’s what you should know about discounts: Assume you’re selling a product or a service for $200 and your costs total $150. That means your profit is 25% or $50. Did you know that if you give some scrooge a 20% discount, you cut your profits by a massive 80%? And, if you really believe in your product or service, increase your price by only 20% - that means an 80% increase in
      apability 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 sub
        The One Thing You Must Know About Internet Marketing
        “So what do you do?” I’m casually asked as I pay for my meal at a local restaurant. I’ve heard this question a thousand times before and each time I’m tempted to say something simple, something easy. Sometimes I say I’m a writer. Other times I’m a business consultant. Once I even said I was a web designer. But do you wanna know the truth?I’m none of those. And yet, at the same time, I’m all of them. You see I work full time from home in what is casually called by insiders the “Internet Marketing” niche. It’s not as pretty as some people make it out to be. In fact, some days it’s downright ugly.Most people outside of a handful of us don’t know the lingo, the terminology, nor the hype that goes into most products, all to induce a feeding frenzy of ravenous buyers looking to sink their teeth into the next big thing.Others are even worse. They are like crackheads on the street corner running around trying to get their next fix. Only these addicts don’t steal from others, they steal from themsel
        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 sub
          5 Compelling Reasons to Learn to Shop Online-Today!
          It seems as if everybody else is doing it – shopping online, that is. There’s the co-worker who bought all their Christmas gifts online without ever setting foot in the crowded local mall. Or the friend who won a bundle of like-new, brand-name baby clothes on eBay. Or your son’s college roommate, who paid hundreds of dollars less than your son did for his college textbooks, simply because he ordered them online rather than from the University bookstore.If you've been meaning to learn to shop online - whether at an online retailer like Amazon.com or an auction site such as eBay - it's time to quit procrastinating, conquer your fear and dive into the waters of cyberspace. You're not only missing out on good deals, convenience, and worldwide product selection, you're actually losing money.1) Good deals: With the growing popularity of price-comparison websites, it’s easier than ever to find a low price on a product you want. I just typed “iPod Nano 8GB MP3 player
          h 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 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.