For companies that accept checks through the mail or a drop box, such as property management companies, managing trips to the bank and the labor associated with processing the mountain of checks that come in can be overwhelming.   A tremendous cost savings can be realized by streamlining  the Accounts Receivable process, and our ChexAccept™ service can do just that - increase a merchant’s bottom line! 

ChexAccept™ is a service that will allow a merchant to convert paper checks to an electronic deposit, just like bringing the bank teller in-house so that they don’t have to go to the bank.  This can speed up the settlement time for receiving their money, and reduces, if not eliminates, trips to the bank.

On March 15, 2002, the National Automated Clearing House Association’s (NACHA) new entry class code “ARC” became official.  Known as the Accounts Receivable Check Truncation or Electronic Lockbox, the new code will revolutionize how businesses process check payments received in the mail or in a drop box.

We were one of the first participants in the ARC pilot program that began in 1999.  Since then we have developed, tested, and deployed our ChexAccept electronic lockbox payment system for businesses that are anxious to gain the advantages of the new ARC rule.

Our ChexAccept™ program is easy to install, easy to use, and can provide businesses with a system that is faster and less costly than depositing paper items into their local banks.  You can quickly determine the savings without any major changes in their administrative procedures.

With ChexAccept™ program, if your business receives checks in the mail or in a drop box, you will gain the speed and ease of having those checks electronically deposited without having to take the paper items to a local bank.

When your business receives checks, you simply logon to the ChexAccept™ website and being to process the items through an RDM imager/scanner. If this is the first time the system has seen the item, it will ask for some basic information. If, however it has seen it before, it will automatically update the fields for the operator simply to confirm.

When you have completed entering the checks, the system will provide you with an equivalent of an electronic deposit ticket by which you can balance and confirm the data before submitting. Once submitted, the batch will be processed that evening and all ACH items will be originated and settled the next banking day.

It’s fast and simple! If any item returns, the system will reflect the return within 24-48 hours. You have the choice to either resubmit it or take other appropriate action. The system also stores all check images for easy access and a variety of reports that makes processing the item a simple task.

The system is perfect for you if your business has multiple locations.  Each location can be responsible for processing its own checks and has access only to their data, while regional or corporate offices have additional access privileges and view activity throughout the entire business network.

Necessary forms to begin the process:

For additional information - lockbox@fonechex.com