Check 21 Electronic Processing

What is Check 21?

Check 21 is a federal law enacted into law in October, 2003. The law enables banks to process checks electronically, which makes check processing faster and more efficient for the bank. Previously, banks had to physically transport original paper checks from the bank where the checks are deposited to the bank that pays them. It was an inefficient and costly process.

How can Check 21 Processing help my business?

Check 21 allows financial institutions to substitute the original paper check with an image of the item. This greatly reduces the time it takes for the check to clear or be returned unpaid.

By utilizing this platform through Aramor Payments it allows you, the merchant, to accept and process online or MOTO check payments through your site or virtual terminal. It expands merchant processing options and provides an alternate solution to credit card processing. Electronic checks account for up to 25% of internet payment transactions and 74% of all business to business transactions are made by check.

Some of the benefits of this platform are …

• Enables instant conversion of a sale for declined credit card transactions and the potential customer with no credit card
• Quick setup, generally 24-48 hour turnaround
• Minimize exposure to risk and fraudulent transactions
• Paperless, no more losing checks in the mail, no more trips to the bank
• Recurring billing platform
• Accept payments by phone, mail, web or in person
• Quick easy reporting
• International businesses accepted
• Faster returns processing