Cost Savings

Handling paper checks is expensive, with costs ranging from $0.75 to $3.00 per check and averaging $1.22 (Source: Visa®). ECS cuts these costs significantly by converting paper checks to electronic transactions.

• Typical Cost Per Check:
  • Paper Check: $0.75 to $3.00
  • Electronic Check: $0.30 to $0.70

This switch can save you time, money, and the hassles associated with paper checks.

Faster Access to Funds

With ECS, checks are instantly converted to electronic transactions, settling as quickly and easily as credit card payments, typically within 24-48 hours.

Reduced Costs and Paperwork

Say goodbye to the time and labor involved with manual check handling. ECS eliminates the need for paper checks, reducing costs and minimizing the risk of returned items.

One Depository Bank Relationship

All electronic payments are consolidated into a single report and statement, available online. With ECS, transactions with insufficient funds are automatically re-submitted up to two times, reducing your risk and simplifying reconciliation.

Flexible Service Options

ECS offers flexible service levels to match your business needs:

• Conversion with Guarantee: Converts checks to electronic transactions and guarantees funds. The merchant shifts the risk of returned items to the guarantor.

• Conversion with Verification: Verifies the validity of the check and converts it to an electronic transaction. The merchant retains the risk of returned items.

• Conversion with Verification & Collections: Combines Conversion with Verification and includes third-party collection efforts. The merchant retains the risk of returned items.

No More Hassles, Returns, or Collections

With Thoro Payments’ ECS, accepting checks has never been easier. Our Conversion with Guarantee service means that once the check is imaged, you won’t need to handle it again. Forget about manual reconciliations, deposit preparations, bank trips, and the worry of returned items. It’s that simple!

No more check deposits. No more returns. No more collections.

Experience a smarter way to handle checks with Thoro Payments’ Electronic Check Service today!