ARC Check Conversion Gaining Public Acceptance, says NACHA
Market research conducted for NACHA shows that consumer awareness of the accounts receivable check conversion application (ARC) is high and that most consumers don’t mind having their checks converted into electronic ACH payments. “The survey results demonstrate that check conversion can happen on a massive scale with little impact on consumers, although NACHA still recommends that sufficient attention be paid to customer service and education,” said Elliott C. McEntee, President and Chief Executive Officer of NACHA. ARC allows companies that receive consumers’ checks at remittance and lockbox locations to convert them into electronic ACH payments, the same, safe electronic payments system used for Direct Deposit. When read a description of the ARC check conversion process, 69 per cent of the consumers surveyed said that they are familiar with the process. When provided with an open-ended opportunity to express any objections or concerns about check conversion, 55 per cent said they had none. “Those are impressive numbers, given that ARC is less than three years old and that there were concerns about consumer acceptance when it was new,” said McEntee.