Retail

Most retailers spend far too much time and money moving consumer checks around. Checks are initially handled to authorize or guarantee them. They are handled again to get them from the cash register drawer to the store's cash room to the local bank branch for deposit. Large retailers must then wait for days as their paper checks clear their local banks and make their way to their primary cash consolidating financial institution. Throughout this process -- which encompasses several days -- the merchant does not have access to its funds.

The Clearingworks solution overcomes the challenges of traditional check clearing by reducing the number of times a check is handled, and enabling the depositor to have more control over the entire check-clearing process. Our POS solutions provide merchants the flexibility to take checks at the point-of-sale and convert them to ACH, substitute checks or image exchange items. Checks can be scanned at the cash register and converted immediately or consolidated throughout the day and converted in a nightly batch process.

Either way, the time to collect on a check is reduced and the probability the check will be paid is increased. Additionally, the handling of physical checks is minimized, decreasing the time required to balance and deposit checks. Transactions are either sent to the merchant's central processing facility for in-house decisioning using Clearingworks, or to the US Dataworks data center end-to-end payments processing and settlement.