Who benefits from check conversion?
The benefits of check conversion are many. Consumers benefit with check conversion because electronic payments are regulated under The Federal Reserve’s Regulation E and the NACHA Operating Rules, reducing the risk of fraud and giving them greater protection and security. In addition, check conversion reduces time and resources needed by businesses to process payments, resulting in continued cost savings to companies and the U.S. economy. Check conversion also reduces the burden on our nation’s transportation systems and environment, which benefits us all.
Everyone benefits – consumers, companies and the U.S. economy. No other industrialized nation relies on paper checks as much as the United States. The technological advances and advantages in electronic payment processing are advanced to the point that the processing is seamless and for the most part transparent and beneficial to the consumer and company alike.
