Electronic Check Deposits Just Got Faster & Easier for Retailers | AllTrust Launches Direct-to-Bank Check 21
March 19, 2013 Business News(PRLEAP.COM) AllTrust Networks has released a direct-to-bank electronic deposits service. Retailers now have the option to deposit checks cashed through AllTrust's Paycheck Secure system directly into their own bank account without any further re-scanning, number keying or time consuming deposit preparation.
Several high-volume AllTrust retailers piloted the service and it is now available to all customers who bank with an AllTrust bank integration partner.
"Using direct-to-bank electronic deposits from AllTrust we streamlined back office operations and got faster access to funds," says Nefertiti Happle, Controller of Cardenas Markets. "Plus, we are managing our risk exposure better because we get returned checks faster" (typically next day). Cardenas Markets has direct-to-bank electronic deposits deployed at all 29-stores, and enjoys greatly improved cash flow by depositing checks sooner, getting faster credit and also through later same-day deposit cut-off times.
Merchants can submit multiple batches per day or consolidate all items into one file per day. AllTrust then processes the items and delivers Image Cash Letter files to the merchant's bank. The bank sends confirmation emails for all deposits received throughout the day, and retailers also have access to all deposit information, including front and back images of deposited checks, through AllTrust's robust online reporting tools.
AllTrust has integrated its service with several leading banks and further integrations are planned for 2013.
"Cash flow and costs are critical to retailers" says AllTrust CEO Jon Dorsey. "We're happy to help our customers get their money faster, reduce risks, and save on labor and other costs with our new direct-to-bank electronic deposits."
About AllTrust Networks
AllTrust Networks is the leading software and services provider for businesses providing check cashing and alternative financial services to their customers. Thousands of retailers nationwide use AllTrust's check cashing solution, Paycheck Secure, for risk management and check processing, and benefit from AllTrust's exclusive check casher and maker networks. AllTrust manages the country's largest commercial biometric database, with over 7 million enrolled customers and has processed more than $43 billion through its network. For more information visit www.alltrustnetworks.com.