For many business owners, paper checks are the most common form of payment. With Intuit Check Solution, you can turn those paper checks into electronic checks (E-Checks) either by accepting checks over the phone or by scanning paper checks.
What are E-Checks anyway?
Sending checks for electronic processing is a confusing prospect for some merchants. If you've every had to pay a credit card bill over the phone, you are familiar with one type of E-Check. But what about scanning a check and sending the scanned image to your bank for processing? Is it even legal? What do you do with the paper check after you scan it? Where can you learn more about it all?
The Check Clearing Act for the 21st Century (Check 21) was signed into law by President Bush October 28, 2003, and became effective October 28, 2004. Check 21 allows banks to replace original paper checks with "substitute checks" that are made from digital copies of the originals.
Check 21 was created to reduce the time, risks, and costs associated with paper check processing. With Check 21, banks are now able to send and receive digital images of checks electronically, eliminating the need to physically transport paper checks between banks, or between merchants and banks.
Check 21 allows you to scan checks for submission to your bank, using Remote Deposit Capture (RDC). Intuit Check Solution for QuickBooks was designed to support check scanning, but you can also accept checks by phone, without a scanner. Your customer reads you the account and routing numbers and account type over the phone, you enter it in a short form, and you send it for processing.
Whether you scan checks or accept checks by phone, you have certain obligations as a merchant to protect yourself and your customer. For example, if you accept checks by phone, you are required to obtain your customer's verbal authorization for processing the check for example. And if you scan checks, you must stamp the checks "for Deposit Only" and retain the checks for 60 days before shredding them. Whichever method you choose, we'll let you know your legal obligations in the actual workflow.
Why would I want to accept E-Checks?
Accepting paper checks comes with a lot of cumbersome busy work. You spend valuable time photocopying, entering information into QuickBooks, preparing checks for deposit, and making the trip to the bank. With Intuit Check Solution, you can streamline this process and save time better spent running your business. Check Solution for QuickBooks lets you electronically scan and deposit checks or accept checks via phone. You can:
Scan paper checks with a Fujitsu or Panini check scanner directly into QuickBooks, process the check images electronically, and make direct electronic deposits to your bank.
Accept checks by phone
With eCheck by Phone, you can accept check payments over the phone by key-entering check information after obtaining your customer's verbal authorization. You send the E-Check to the bank for processing and electronic deposit to your bank. You can store the electronic check images securely with easy electronic retrieval.
Accept E-checks with written authorization
You can also accept e-checks with prior written and signed authorization from your customer, either on a one-time or recurring basis. Learn how.
How do I get Intuit Check Solution
To use Intuit Check Solution for QuickBooks you need a Merchant Service account. The application takes only about 5-10 minutes. To get started, just visit the Intuit Payment Solutions web site.
Install your scanner
Accept checks with signed authorization
Scan checks with a TWAIN scanner
When are E-Checks funded?