All you need to know about ECD

Electronic Check Deposit (ECD) software, support and scanner costs made justification hard for the small businesses. Today, thanks to Clear Payments ECD system, this technology can be deployed and operated for less than what a cell phone plan or a postal stamp machine cost. Our new small business scanner, the SS Micro Scanner, is designed specifically for small business. This scanner cost less than $250, compared to $1,200-$1,500 just 2 years, without a term commitment and $99 with a 12-month services agreement.

A similar change occurred in the industry with credit card processing. When did you last drive a credit card receipt to the bank for deposit? The answer is a long time ago. Check depositing is moving rapidly through that same transformation as the manual “knuckle buster” credit card imprinting process did twenty years ago. Paper checks are becoming more and more expensive for banks to process. Combine that with the drastically reduced number of paper checks processed through the Federal Reserve, due electronic check deposit converting paper checks to images, and the cost to deposit a paper check will continue to rise.

You have probably seen a noticeable decline in the number of tellers and drive through lanes operating at your bank. As more adopters move to this technology, banks will be forced to charge more to process paper or “manual” deposits and they will eventually implement fee-based charges that will incentivize businesses to adopt ECD. Eliminate the hassle, cost and time of manual check deposits and spend your time focused on your business.

Clear Payments ECD is a business product and service which allows a qualified business customer to scan checks and transmit the images to the business’s depository bank via the Internet. This web-based system uses imaged-based technology to securely submit checks for deposit electronically using a PC and a scanning device. Each check scanned for deposit generates an electronic image (front and back) that is transmitted directly to our processing center along with the deposit information. Once the items are received at our processing site, they will be quality assured and formatted for submission to the Federal Reserve for clearing and settlement. All check images and deposit level detail can be immediately accessed on line.

The benefits are numerous and are quantified in time savings, expense elimination and convenience. Regardless of which is most compelling to you, the combination of all three make ECD a phenomenal tool for your business. Here are a few more specific items to consider:

• No longer drive waste time driving to the bank
• Make deposits until 6:00 EST
• Allows additional data to be input, such as customer and invoice numbers, to facilitate the accounting function and A/R posting process
• Online access to check images and data allowing any number of authorized users to use deposit data to perform their jobs
• Eliminate business risk of employees being involved in an accident traveling to and from the bank
• Employee time that can be re-directed to more productive tasks by eliminating trips to the bank, preparing deposit tickets, copying checks for your records, or endorsing the back of each check when making deposits. All of which are completed automatically with ECD.
• The system can export check amounts, account numbers, invoice numbers and other data into Peachtree software through an Excel or comma delimited file

Any business that receives checks is a candidate. If you value you and your staff’s time then you are a candidate. If you want to do your part in reducing greenhouse gases then you are a candidate. If you want deposit details at your fingertips, including the check images, then you are a candidate. This service is ideal for any business that makes more than two deposits a week or spends more than 2 hours a week performing deposit related functions. Many businesses simply use this service because it is so convenient.

Yes, Option 1 is a 12 Month Plan is the fully functioning ECD system discounted to $198.00 and includes the check scanner, software, installation, training and 1st Months Fixed fee. Option 2 is a Month-to-Month Plan and provides the same features of Option 1 (a fully functioning system to include check scanner, software, installation, training and 1st month processing fee) for $374.00

Explanation of charges: Fixed Monthly Rates are for the base program. There are additional charges for returned check items, deposit adjustments, etc. much like your bank assesses today. These additional charges are detailed in the Terms and Conditions and are only assessed on a per item basis when they occur. There are optional plans that provide each client the ability to select the plan that best suits your business. The optional plans can be viewed by visiting Pricing Options.

No. The system is capable of processing thousands of checks per day. The scanning device determines how many checks can physically be scanned in a day. Our SS Micro is the recommended low cost scanner for business depositing up to 15-20 checks in a single day. Higher speed scanners are available allowing your business to scan thousands of checks per day.

The paper checks are retained for 30 days by your business and then destroyed.

Most PCs configured after 2000, will conform to the minimum requirements. The minimum workstation requirements are as follows:

• Workstation: 933MHZ, 512MB RAM, USB 2.0 port
• Operating System: Windows 2000, XP or Vista; .Net 3.5 required (if not present will be downloaded automatically as part of the install)
• Browsers: MS Internet Explorer version 5.5/6.0 or higher, Firefox–Latest version, Mozilla
• Internet Connectivity: broadband, DSL or greater
• Certified Scanners: Unisys SS Micro Scanner, Unisys SmartSource

Clear Payments provides the ability create data files in formats necessary to populate the Peachtree system. Comma delimited and excel formats are standard.

“Check 21” legislation resulted in the development of technology to capture and deliver check images directly to the bank. “Check 21” legislation allows electronic copies of checks to be accepted as legal substitutes for original paper checks, as long as copies meet certain requirements set by the Federal Reserve and the ANSI X9 Committee. The Check Clearing for the 21st Century Act (Check21) became law on October 28, 2003.

Clear Payments can deposit to one or more depository accounts to any U.S. financial institution(s). Your business may have multiple bank relationships and multiple depository accounts at each – no problem! The ECD system allows for multiple deposits to multiple depository accounts to multiple banks making it one of the most flexible systems in the market. Should you decide to change banks – no problem! With Clear Payments ECD you will never have to install new software or buy a new scanner when you change banks. You simply inform us of the new depository account and the deposits will be automatically routed to the new bank. Other systems require new software to be installed and a new scanner to be deployed delaying your deposit process for days or weeks. Deposits can be re-routed to your bank of choice with only 24 hours notice.

Deposits can be made up to 6:00 p.m. Eastern Time and still qualify for same day processing although deposits can still be made after the daily cutoff. In fact, deposits can be made at anytime of the day or night 365 days of the year 24/7. It is up to you when you make your deposits so you no longer have to race to the bank to meet the cutoff time.

Clear Payments maintains an image archive and allows you to view deposit history including the image of the deposited checks for a period of two years on line.

All personal and business checks and all money orders and certified (official) checks drawn on any U.S. bank with valid U.S. Routing and Transit numbers are acceptable.