Check-conversion

Chase introduced a convenient feature to their iPhone app almost two years ago: photo check deposits. Instead of going to a bank, users can now deposit checks by simply snapping pictures of the front and back using the Chase Mobile App. This update streamlined the deposit process for Chase customers.

ACH credit transactions are initiated by an Originator, typically a company, to deposit funds into a Receiver's account, forming a vital part of the ACH network. These transactions are commonly used for various payments such as dividends, B2B transfers, payroll, government benefits, and tax refunds. For example, dividend payments from a brokerage account are processed as ACH credits, directly depositing funds into the investor's bank account.

Merchants are increasingly recognizing the advantages of eChecks or ACH transactions over traditional checks and credit cards due to significant cost savings. Electronic check conversion makes check acceptance less risky and more streamlined by turning paper checks into electronic transactions at the point of sale. This process offers benefits like lower processing costs, integration with accounting software, reduced data entry errors, and simplified reconciliation.