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Types of Check Conversion
There are several different types of check conversion, including accounts receivable conversion (ARC), point–of–purchase (POP) conversion, and back–office conversion (BOC). Each type of conversion offers unique benefits and makes writing, processing and accepting paper checks easier for consumers, businesses and financial institutions.
- Accounts Receivable Conversion (ARC). When a consumer writes a check to pay bills and the biller converts the check to an electronic payment. The original check is destroyed and an image of the check is archived.
- Point–of–Purchase (POP). When a consumer writes a check at the checkout counter and the retailer or business converts the check to an electronic payment at the point–of–sale. The original check is voided and returned to the consumer in–store.
- Back–Office Conversion (BOC). BOC is a new electronic check application that allows retailers and billers to accept checks at the point–of–purchase or at manned bill payment locations and place those checks in the till for processing later, in a centralized back office.
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