US finance giant Bank of America is offering a suite of check transformation services that will enable retailers and other business clients to take full advantage of the new Bank Office Conversion rule.
The Back Office Conversion (BOC) rule was issued by NACHA, the electronic payments association, to allow businesses to collect a check written at the checkout counter and convert it in the back office into an electronic form.
Back Office Conversion holds great promise for businesses, and Bank of America offers a complete menu of services that allow business clients to accept all forms of consumer payments, including cash, checks and card, commented Robert Johnston, product executive for Bank of America Global Treasury Services ACH and check services. Our representatives work closely with clients to ensure that all our solutions, including BOC capabilities, directly address their business needs.
Mr Johnston added that check transformation provides clients with the potential for lower treasury management fees and reduced losses from returned items, as well as improved collections for enhanced working capital efficiency.
Furthermore, he stated that implementing BOC with this plan can provide significant operational benefits, including a more efficient storefront for retailers as BOC rules require retailers to post the proper notices at the register, but do not need to make any costly and time-consuming changes to the checkout process such as requiring scanners at each register.