US tax and financial services firm H&R Block is implementing eFunds' electronic cheque service across 5000 offices nationwide.
The new eFunds service will convert paper cheques received from clients into electronic transactions at the point of sale. The merchant receives the specified funds, and the authorised amount is debited from the consumer's bank account electronically, using the Automated Clearing House (ACH) network - the national electronic funds transfer network linking financial institutions across the United States.
Frank Cotroneo, senior vice president and chief financial officer for H&R Block, says: "This service will lower our operating costs, eliminate paper cheque processing and reduce the time needed to convert cheque payments into actual cash receipts. This service will also maximise our cash-on-hand availability."
In addition, H&R Block's 4000 franchise-owned locations will also have the opportunity to sign up for the service.