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Electronic Check Processing and Deposit Inovium RapiDeposit™ PowerPoint PPT Presentation


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Accounts Receivable Conversion (ARC) / Check 21 Solution. Electronic Check Processing and Deposit Inovium RapiDeposit™. Power Point Show will run automatically. Business Challenges. Checks deposited faster Sale tool for reselling As part of a front-end RCK System for potential clients

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Accounts Receivable Conversion (ARC) / Check 21 Solution

Electronic Check Processing and Deposit

Inovium RapiDeposit™

Power Point Show will run automatically


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Business Challenges

  • Checks deposited faster

  • Sale tool for reselling

  • As part of a front-end RCK System for potential clients

  • Drastically reduces transaction fees

  • Increase efficiency by alleviating time consuming processes

  • Modify antiquated filing systems

  • Quicker access to receivables

  • Consolidation of accounting for multiple locations

Business Opportunities

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Understanding Check 21

What is Check 21?

- Check 21 provides a Retailer/Merchant or Biller with the opportunity to convert any type of paper check, for purposes of transiting it electronically, where it may re-emerge in the bank clearing system as the legal equivalent of the original check through a substitute check document known as an Image Replacement Document or IRD.

- It is applicable to ANY type of Check or instrument with a MICR*

line

*Magnetic Ink Characters at bottom of every check

- It does not require permission or notification of any kind

- IRD must meet certain formatting requirements

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Check is issued to Joey’s Pizzeria

Consumer writes a check for $100

Consumer Check

Consumer

Merchant

Consumer receives check in statement

Consumers Bank

Merchants Bank

Consumers Bank verifies if funds are available in Consumers account

In return, FRB gives Chase $100

Funds are available and Bank withdraws $100 from Consumers account to give to FRB

FRB routes check to Consumers account at Bank for processing

Check Clearing Process

Merchant deposits $100 check into their Bank account

FEDERAL RESERVE BANK (FRB)

March Bank routes check to FRB

  • Provides funding to Banks

  • Provides check transport system by planes, trains & trucks

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Inovium Corporation ARC / Check 21 Solution


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ARC / Check 21 Solution

Inovium’s Accounts Receivable Conversion (ARC) / Check 21 Solution in

conjunction with our superior Image Replacement Document (IRD) technology, is a

premier single point of entry system that processes and deposits any type of paper

check received via U.S. Mail or at payment locations, deposited as electronic

transactions.

  • Processes thousands of checks per day with deposits credited into your bank account within 24 to 48 hours

  • Built on a flexible, web based infrastructure allowing easy integration to our various types of imaging scanners

  • Seamlessly capture accurate check images and MICR data information that automatically appears in the data entry fields

  • Manage your business transactions online, 24/7

  • Upload and import files into your data processing or accounts receivable system

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Key Features

  • Submit checks and transfer funds electronically anywhere, anytime, anyplace

  • 24/7 access to retrieve check images and authorization via our secure website

  • Real-time verification database reduces risk of accepting bad checks and collection costs

  • Upload files to update your in-house accounts receivable system

  • Checks received through any remote or branch office/store locations can be deposited through one banking institution/account, simplifying bank reconciliation processes

  • Alleviate a trip to the Bank

  • No Bank deposit fees

  • Save space and money – No need to store paper checks or deposit slips

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Technology Behind ARC / Check 21 Solution


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Imaging Technology

Imaging technology using multiple types of check imaging

scanners linked to a Web based system allows you to

scan checks.

Digital Check TS – 230/100

  • Accepts 100 checks at a time

  • Processes 60-80 checks per minute

  • Images both sides of checks in one pass

    Digital-Check TS – 230/65

  • Accepts 50 checks at at time

  • Processes 65 checks per minute

  • Images both sides checks in one pass

    Digital-Check TS – 215

  • Accepts Single checks at at time

  • Processes 20 checks per minute

  • Images both sides checks in one pass

Digital Check

Scanners

Post to Inovium Web Hosted Software

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Scan. Transmit. Process

1.

Merchant receives checks for payment

of goods and services

The checks are scanned using one of

Inovium’s imaging scanners

2.

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ACH Network

Non-consumer Items

Consumer Items

Scan. Transmit. Process

3.

The checks are scanned and processed

via Inovium’s high speed web hosted

software and transmitted through the ACH.

+

4.

The Inovium system automatically

distinguishes and converts Consumer

items, processed as ACH items with Non

consumer items including corporate

checks and payroll checks into Check 21

IRDs.

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Consumers Bank

Merchants Bank

Scan. Transmit. Process

5.

Inovium electronically debits funds

from the customers account and deposits

funds in Merchants bank account. Funds

are available within 24 to 48 hours,

alleviating a trip to the bank.

6.

Upload files into Inovium Solutions account receivable system.

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Inovium Application

This is how to

Post the Scanned Checks


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Click on Easy Scan ICON

Log in with User Password

Enter Password that was recorded in Configuration File during Setup


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Main Screen

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Scan Checks

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How Scanned Checks Appear

  • Review of Column Descriptions

  • Double clicking on 1st Column the check image will enlarge

  • Column 2 – Unique ID – Optional Field for Operator to enter

  • Column 3 - Customer ID – Optional Field for Operator to enter

  • Column 4 - Bank Routing Number from scanned check

  • Column 5 - Check Account Number related to Bank Routing Number

  • Column 6 - Check Number

  • Column 7 - Check Amount – The amount of the check to be recorded

  • Column 8 - Type – Operator manual override of type of check to be processed

  • Column 9 - Confirm Check – can check after recording Check Amount or can click on Confirm All - The Total Confirm amounts must balance to the Batch Total

  • Note: Always review all data. The Check Scanner does have an accurate read rate as to ABA #, Account Number, and Check Number, but it is possible to have a misread or an error.

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Posting of Data

After all checks have been confirmed and a grand total has balanced, the operator has the following options:

1: Export Pre-Process - Allows for the file to be saved and or to be reviewed prior to posting the file for deposit.

2. Export File for Deposit – For any file that is ready to be deposited to the Processor for processing. (Refer to depositing to Processor after complete instructions on use of the scanner)

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Posting of Deposit directly to RPC RapiDeposit Payment Central

When ready to deposit the batch to be process click on command button

Confirmation that you are ready to close session and deposit funds

Where the data is to be saved. This window will appear and the file will be saved here upon clicking on the save command.

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Posting of Deposit directly to RPC (Cont)

To save report of checks process

Confirm the Deposit Report

After selecting which account the funds are to be deposited click on ok to deposit the funds directly to RPC – RapiDeposit Payment Central

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Posting of Deposit directly to RPC

Indicators that the file was posted to RPC and saved

Email Notification of Deposit being posted to RPC

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Funds to be deposited

Into Payee

Bank Account

Directly from the

Federal Reserve

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Benefits for, YOU

  • Process all checks electronically

  • Easy-to-use solution, requiring only a check scanner and internet access

  • Centralized Bank deposits for multiple company locations

  • Reduce Bank transaction return fees

  • Upload and import files to update your in-house accounts receivable system

  • Recover your returned items as quickly and cost - effectively as possible

  • NSF Checks will be reported within three (3) business days Merchant can redeposit immediately and keep all fees

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Conclusion

Accounts Receivable Conversion (ARC) / Check 21 Solution in conjunction with

our superior Image Replacement Document (IRD) technology provides:

  • Easy-to-use solution, requiring only a check scanner and internet access

  • 24/7 access to retrieve check images and authorization via our secure website

  • Concise, real time reporting available on-line

  • Real-time verification database reduces risk of accepting bad checks and collection

    costs

  • No Bank deposit fees

  • Files to update your in-house accounts receivable system

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Inovium Corporation

is Committed to Providing

Superior, Affordable,

ACH and Check Processing Solutions

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Getting Started

INOVIUM CORPORPATION

10300 W Charleston Blvd., #13-214

Las Vegas, Nevada 89135

Tel: 702-254-6385

Fax 702-926-9629

www.inovium.com

Contact:

Sales & Marketing

E-mail: [email protected]

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