PacNet Debuts Check Conversion System
"We have two high-volume beta clients who are testing the system," said Renee Frappier, marketing manager at PacNet, Vancouver. "We're going to have 12 clients signed up by January, processing between 10,000 and 100,000 checks and/or other payment instruments per month for each of the 12 clients. I expect three of the 12 to be catalogers."
The targets for U.S. Check Conversion are mid- to high-volume mailers including catalogers, charities and publishers.
Processing speed and eliminating the risk of theft or loss of checks were mentioned as advantages of the new application.
"With our system the checks never leave the order-processing center, and there is no risk of any irreplaceable document being lost, stolen or destroyed," she said. "We also anticipate being able to clear all types of U.S. dollar items, such as money orders and checks drawn on banks, that up until now have not been presentable through electronic means."
The program also will reduce bank fees, Frappier said.
"Some companies are paying up to 40 cents per check for simply depositing them, and while that's at the high end, most reputable companies with high volumes can negotiate per-check depositing charges under 10 cents per check," she said. "When all of the miscellaneous fees are considered that a bank levies, we end up being quite a bit lower on our per-check commission basis."