Receiving the check in the mail is not the end of your Accounts Receivable process. F & E Check Pros knows the value of getting draft instruments posted to the proper customer account to make cash available as soon as possible. Through a consultative evaluation of an organization’s remittance processing, we will present recommendations that:
- Increase funds availability
- Reduce personnel time to post and deposit receivables by a minimum of 50%
- Lower bank fees up to 70%
- Reduce non-sufficient funds (NSFs)
- Reduce notification time on NSFs
F & E Check Pros offers the following solutions for digital remittance processing:
- Check Scanners and Check Imaging
- Electronic Deposit and Accounts Receivable Posting Solutions
- Internet Payment Systems
- Paperless, Online Bank Check Solutions
- Check Endorsers
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Check 21
The Check Clearing for the 21st Century Act (Check 21) initiated significant changes in the way checks are processed in the United States. All banks, credit unions, businesses, government agencies and consumers, or anyone who handles draft documents are affected by these regulatory changes.
Check 21 specifically addresses:
- Check truncation facilitation
- Fostering innovation in the check payment system in electronic format without mandating receipt of checks
- Overall improvement in the payment system
With the Check 21 Act, a substitute check, which can be created from an electronic format, is the legal equivalent of the original paper draft document! This declaration encourages the use of electronics and digital imaging by permitting check processors to truncate original checks and process them electronically.
All checks (U.S. only) are eligible for check substitution, including, but not limited to:
- Consumer (personal) checks
- Business checks
- Corporate checks
- Government warrants
- U.S. Treasury checks
- Money orders
- Controlled disbursement checks
- Payable through drafts
- Traveler’s checks
