Nova Information Services, U.S. Bancorp’s payment processing subsidiary, has added electronic check conversion capabilities to its retail lockbox service.
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The Atlanta company said Tuesday that its Electronic Check Service line now supports accounts receivable conversion: the process of converting a paper check into an automated clearing house payment. Nova said that the transactions would typically settle within 48 hours, about the same speed as credit card payments.
Amy Goodson, a vice president for business development with Nova, said that the service “presents a strong value proposition to businesses that accept checks, whether in person, through the mail or a combination of the two.”
