Makes checks your lowest-cost payment option
Balance Innovations' vbEPIX provides an end-to-end solution for implementing Back Office Conversion (BOC) in retail stores. vbEPIX eliminates the need to physically deposit checks at the bank by turning paper checks into electronic ACH or IRD (Check 21) transactions. What does that mean for retailers? It accelerates the retailer's funds availability and check returns as well as reduces bank fees associated with processing check deposits and courier cost.
vbEPIX works in conjunction with VeriBalance, Balance Innovations' cash office management solution, and is integrated real-time with the retailer's POS system. This unique configuration provide five points of check validation ensuring the retailer's deposit is accurate at the store level before it even gets to the bank. Validation includes: POS MICR and amount, image MICR and amount, and our CAR/LAR engine. The vbEPIX CAR/LAR engine reads the check courtesy amount and legal amount for comparison and validates it to data being captured at the POS.
The workflow for vbEPIX has no impact on the way cashiers accept checks today and requires minimal training for the bookkeepers in the back office. During cashier till balances or daily check pickups, the retailer's cash office images checks to prepare for vbEPIX transmission. By converting checks electronically, retailers can eliminate traditional check encoding and ten-key functions along with the associated errors. Once the checks have been imaged, a file is transmitted via a secure network to the vbEPIX service center for ACH or IRD decisioning and is sent through the ACH network for clearing and settlement.
vbEPIX also provides virtual endorsements on checks, reducing the time it takes to perform a transaction at the point of sale. Check images sent to the vbEPIX service center are archived for two years and provide the retailer online tools for check research and real-time reporting.
The vbEPIX solution is packaged with a check imager along with our software for image hosting and transfer services, providing retailers a total turnkey solution. By utilizing the vbEPIX method of implementing BOC, the start-up costs are minimal, but the rewards are considerable.
vbEPIX covers all the bases of a complicated, highly technical process and simplifies it to give retailers greater control over the cost of doing business. The vbEPIX solution truly provides the ability to turn checks into the lowest cost form of payment for retailers.
Benefits
- Lowers transaction costs and reduces bank fees
- Eliminates the need for checks to be transported to the bank
- Improves cash flow and working capital through accelerated clearings and improved availability
- Identifies returned items sooner
- Substantially reduces the cost and risk of moving items to the bank, creating a safer, more cost effective environment
|
