Check 21 Processing Act is revolutionizing businesses

The Check 21 Processing Act was passed in 2003 as an alternative to the complex Automated Clearing House (ACH) restrictions. The Check Clearing for the 21st Century Act also known as Check 21 Processing is designed to foster innovations in payment systems and enhance its efficiency. The Check 21 Processing accounts have extensive benefits as it especially relates to Internet and MOTO merchant services. From delivering the ability to scan paper checks and send images as transactions to rendering the need to manually depositing paper checks, it can change the way you do business.The changes due to Check 21 Act have made lives of merchants much simpler and easier. Remote Deposit Capture has been the most beneficial system. Although it may look like a minor change but the ability to deposit checks electronically, the bypassing trip to the bank with all paper checks have reduced the chances of errors in deposit process to a great extent.

Some of the major benefits of Check 21 processing account are-

• Shortened chargeback periods
• More efficient cash flow management
• Extended window to deposit checks
• Freedom to cash paper checks electronically

The Check 21 Act can play a major role in quicker access to revenues and will make a positive impact on your cash flows. The extended check submission time will provide approx. 33% more time to get your cash processed. The limited chargeback window ensures the fund you receive stays in your account rather than returning to the customer in case of fraudulent claims. So, with money being deposited into your account faster and decreased chances of having it removed you can have more capital to grow your business.