The Con
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tinuing
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Part I |
by Mike English
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YOU MAY REMEMBER USING A PC WITH DOS DURING THE EARLY 80�S. During that time, PC shipment volumes
were modest. It was not until a graphical user interface was introduced (Windows) that PC shipment
volumes began to skyrocket. A market rule of thumb is that a simple solution always evolves and is
accepted as the standard. Today there is an immense amount of confusion and numerous offerings
related to electronic check conversion. This article will summarize several of the conversion
offerings being marketed and will ask questions that those of us in the payment industry should ask. Electronic check conversionElectronic check conversion is an electronic alternative for merchants who accept checks at the point-of-sale for goods and services. A consumer presents a merchant with a completed or blank check. The merchant runs the check through an electronic reader (a MICR reader), capturing the bank account information on the check as well as the check serial number. The merchant then returns the check to the consumer marked or stamped �VOID.� The consumer signs a receipt authorizing the electronic debit |