Electronic Check Redeposit
What is electronic check redeposit?
Electronic check redeposit is a state of the art digital conversion process that provides a simple way to capture funds owed using the Automated Clearing House, or ACH network. Your bounced paper checks are converted into electronic copies that are first in line for payment when funds are available in the checking account, increasing the likelihood that you will receive payment with no effort on your part.
- Our electronic check redeposit service is FREE!*
- Bad checks are automatically submitted into our electronic check redeposit system
- Checks are automatically redeposited twice
- Electronic checks are given first in line priority by the ACH network and will receive payments before others
- We use our 25 years of experience to target dates that checks are most likely to pay
How electronic check redeposit works
You deposit incoming checks as you normally would to your bank. Cleared checks are credited to your account. If a check doesn’t clear, your bank notifies you of the return and forwards the physical check to Payment Solution’s redeposit center where it is converted into an electronic copy. For the next 15 calendar days, the checkwriter’s account is queried to see if funds are available to clear the check. If the funds become available, the system instantly captures the full check amount plus a standard $25 returned check fee (less if required by law). ACH debits have priority over paper transactions, so you get paid even if someone else’s paper check hits the account the same day. You are then reimbursed for the full face value of the check and it doesn’t cost you a dime! Any checks that don’t clear after 15 days can be returned to you or routed to our check guarantee service.
Wouldn’t you like your money to be the first in line to clear?
The hassle of dealing with bounced checks is finally over. Payment Solutions’ electronic check redeposit program will reduce your office workload while increasing the effectiveness of redepositing checks. You will no longer have to worry about verifying funds, making bank runs, or wonder if another check might clear before yours. Let us take the guess work out of dealing with bad checks because no business should have to sacrifice providing quality service for the sake of getting paid.
*Some restriction apply, contact us for details.