BURLINGTON, Mass. -
While a number of corporates have downsized their paper check processing, EasCorp said it believes it is the only corporate to shut down its paper check processing equipment entirely. To do so, it had to encourage all of its member credit unions to adopt some form of image capture. EasCorp's own image capture program was developed in house but is set up to work with other third-party vendors' programs, as well.
"We wanted to give our sorting equipment a proper send-off and say good bye," Eascorp SVP-Marketing Alan Bernstein said. "This complete transformation to electronic check processing enables us to collapse the infrastructure we had in place for paper-based processing. This is a dramatic cost savings that we can pass on to our members."
To put the savings into perspective, Bernstein explained that although the corporate no longer had any depreciation costs related to the equipment, the maintenance costs alone were in the $10,000-per-month range. "When you include the transportation costs, you're looking at thousands of dollars per month that our member credit unions are saving," added George Dow, Eascorp AVP-member relations and product development.
