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Microcap & Penny Stocks : Electronic Clearing House Inc
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To: mike mulhearn who wrote (546)12/23/1998 5:41:00 PM
From: John Mav  Read Replies (1) of 1038
 
What bank doesnt want this

Check Conversion The most recent new check service to be announced nationally is called "check conversion". The merchant slips a customer's check through a check reader that reads the Magnetic Ink Character Recognition (MICR) line on the check and the merchant enters the amount of the check into the system. The merchant then returns the check to the customer and the electronic image, captured by the reader, allows the processor to settle the check transaction electronically. This new system is being promoted by the national check services and it is finding quick acceptance by both customers and banks. Customers like it because they get their check back immediately and still have their hard copy of the transaction. Banks like it because no paper has to be handled by the bank to settle the transaction. Other advantages exist, probably the most significant being an electronic record is settled in priority to paper-based transactions which assures an electronic record first access to limited funds in a customers account.

The Company intends to offer these services to its national base of merchants and is negotiating with a national provider to secure such services. However, there is no assurance that the Company will be successful in its efforts in securing such services. Currently, XpressCheX, Inc. offers only the check guarantee type of service to merchants located within the state of California. It is anticipated that the Company will be able to absorb the merchant base who utilize the XpressCheX service into the national service with minimal disruption of services.
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