NOVA Information Systems (NOVA) today announced the addition of Accounts Receivable Conversion (ARC) to its Electronic Check Service (ECS) product line.
ARC processing is used in environments where the check is present, but the consumer is not. This is typical of receivable payments, monthly service payments, mail order receivables, and drop-box environments, such as property management companies. NOVA will convert the check to an electronic transaction and route it through the ACH network for processing. Funds are settled into the merchant account with the same speed as credit card deposits, typically within 24-48 hours.
NOVA's Electronic Check Service has been available in a Point of Purchase (POP) configuration for face-to-face transactions since 2003, with over 3,000 merchants currently using the service. The addition of ARC expands the reach for ECS, while providing receivables businesses with a solution that improves cash flow and reduces the costs of handling paper checks. ARC is available as a terminal solution, or through PC software.
"NOVA has built a strong reputation of unsurpassed service for our more than 750,000 merchant customers," said Amy Goodson, vice president business development, NOVA Information Systems. "ECS presents a strong value proposition to businesses that accept checks, whether in person, through the mail or a combination of the two. The ability to consolidate all credit, check and gift card processing and funding with one solution provider eliminates the confusion associated with supporting separate systems from multiple vendors."
NOVA's Electronic Check Service converts paper checks into electronic transactions, either at the point of sale, or in an accounts receivable environment. Merchants realize faster access to funds, reduced risk, and reduced costs. Unlike one-size-fits-all providers, NOVA offers flexible service levels, including conversion-only, verification, collections and guarantee. NOVA offers POP and ARC solutions through a variety of delivery methods, including terminals, PC software, VAR interfaces, and batch-file submittals.