Modern technology, modern results, and big cost savings.

Our Image Cash Letter service, also known as Check 21, remote deposit, or X937, allows electronic funding of check contributions by eliminating taking paper checks to the bank. This saves both time and money.

Background

Legislation was passed in 2003 permitting paperless check depositing and funding (check truncation). This is known as the Check 21 Act.

This legislation allows high quality, MICR encoded check images to be submitted to compliant banks and settled without the use of paper checks. Accurate MICR reads and consistent high check image quality are paramount for successfully utilizing Check 21 processing. Our robust equipment and innovative software ensures ninety-eight percent MICR encoding of standard personal and business checks.

You may not know it, but you are probably already familiar with checks that have been processed by this method. If you no longer receive your cancelled checks, and you get images of your checks with your bank statements or online, your bank is clearing checks by this method.

Why use Image Cash Letter?

There are a variety of reasons to use Image Cash Letter, but the most important ones are cost and speed.

Your costs can be substantially reduced, and exponentially reduced as the volume of your receipts go up. And your funds will clear quicker - because the checks are deposited electronically, your bank can automatically validate and clear the transactions faster than if their backoffice has to scan and authorize each check.

Reduced cost

The cost savings in deposits can be significant.

A typical organization might be paying $.16 per item, and $1.00 per deposit at the counter. Due to practical considerations, it is not particularly feasible to deposit more than 50 or so items in any given counter deposit. With Image Cash Letter, an organization might see a fee of $.065 per check, approximately one third, and $1.00 per cash letter. But a cash letter can contain literally thousands of checks. The more items you deposit, the more fees you save.

Quicker posting

By submitting your checks electronically, your deposits clear quicker.

As required by law, all the major banks are now exchanging checks electronically. When you deposit your checks at the counter, your bank has to image the checks at the branch or central office, and then perform the financial interchange with each check's issuing bank. By using Image Cash Letter, you save your bank this step - and you get your hard earned contributions more quickly.