Electronic Check Conversion (ECT)

The EZCheck™ Electronic Check Transfer program (ECT) combines the benefits of paper checks with the speed, ease and safety of electronic processing.  It’s just like accepting a credit card or debit card at the point-of-sale.  The check is converted to a paperless transaction by electronically moving funds from the customer’s bank account to the merchant’s bank account.  Combined with Check Guarantee, this service delivers a streamlined check acceptance process that eliminates returned checks and returned check fees, while reducing paperwork and trips to the bank. 

With the EZCheck Electronic Check Transfer program, check writers will continue to benefit from the float of a paper check, since the electronic item is processed through the banking cycle in the same amount of time as a traditional paper check.   It’s a safe process that uses a secure bank system similar to those used for direct deposits and ATM transactions. 

Note:  The EZCheck Total Solution System is proprietary to EZCheck.  Processors not certified with EZCheck cannot download their software applications onto the EZCheck Total Solution System without getting approval from EZCheck. 

What Is The Electronic Check Transfer (ECT) program? 

The EZCheck Electronic Check Transfer (ECT) program is a revolutionary process that converts paper checks into electronic items at the point-of-sale.  The electronic item is then processed through the Automated Clearing House (ACH) and funds are automatically deposited into the merchant's bank account, cutting paperwork and helping to improve cash flow.  The Electronic Check Transfer program combines the benefits of paper checks with the speed, safety, and ease of electronic money movement and delivers a streamlined check acceptance program for the merchant.  The program requires the check writer to sign a printed receipt authorizing the electronic transaction.  A copy of the receipt is returned to the check writer (just like a credit card or ATM receipt).  The check writer's monthly bank statement will display the merchant name, amount of the transaction and settlement date. The ECT transaction is authorized and settled similar to credit card transactions. 

How Does The Electronic Check Transfer (ECT) program work? 

It's convenient and comfortable – reliable and safe.  Consumers, who have been paying by check for years, still have the comfort of writing checks with the ECT program.  However, since a paper check is touched by as many as six people before it reaches a check writer’s account, consumers now have the added security and confidence of knowing that no one else will see their check. 

For the check writer, this way of paying is safer than carrying cash and cheaper than making an ATM withdrawal.  Plus, consumers can avoid the cost associated with other payment methods. 

1.  The check writer completes and presents his/her paper check at the point-of-sale. 

2.  The clerk inserts the check into the payment terminal (check reader) to authorize the check with EZCheck. 

3.  The clerk gives the check writer a printed ECT receipt for his/her signature* which authorizes EZCheck to electronically present the transaction to the check writer's bank for settlement per Regulation E requirements. 

4.  The clerk stamps the check "Do not deposit” after the authorization slip is signed. 

5.  EZCheck transmits the ECT transactions for settlement.  EZCheck automatically deposits the funds into the merchant’s account. 

6.  A description of the transaction is included in the check writer's bank statement. 

*Note: If the check writer does not want his check processed electronically, the check can be authorized by EZCheck and deposited into the merchant’s account as usual. However, market research has shown that once customers understand the ECT program, they realize it is a safe and secure process.

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