For Businesses
1. How does the iStream system
work? |
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A representative from Markron, Inc.
will visit your office to attach
a small check scanner to your
computer and install the iStream
software. To deposit checks,
you log on to the iStream website
and run your checks through the
scanner. A deposit slip will
be generated which may be printed
out. The funds will be deposited
into your existing bank account.
Click the VIDEO tab
at left for a four minute overview
of the iStream system in action.
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| 2. What
are the benefits of the iStream system? |
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Please see the "Products, Services, & Benefits" section
of this website for specific benefits
of the iStream system for businesses,
financial institutions, and software
developers.
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| 3. What is Check 21? |
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Check 21, officially known as the
Check Clearing for the 21st Century
Act, is a law that was instituted
by Congress in late 2004
which allows banks to present
an electronic image of a check,
or "substitute check," for
payment, instead of the actual
check. This law was enacted
to streamline the check processing
industry by reducing the
cost and effort of physically
handling and transporting
paper checks. See http://www.federalreserve.gov/paymentsystems/truncation for
additional information.
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| 4. How
do I know if I can use the iStream
system at my bank? |
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You may use the iStream system no
matter where you bank. It is not necessary
for your bank to have any special products
or software.
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| 5. My
business bank account is with a credit
union. Can I still use the iStream
system? |
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Yes. The iStream system works the
same way with credit unions as it does
with banks.
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| 6. What
type of checks can I deposit? |
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All United States checks of any dollar
amount may be deposited, such as consumer
checks, business checks, traveler's
checks, U.S. Treasury checks, money
orders, and drafts.
|
| 7. What
type of security is built into the
system? |
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iStream offers the most up-to-date
security features available, including
secure user login, multiple firewall
layers, a redundant network, duplicate
hardware, and SSL encryption.
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| 8. What is Remote Deposit
Capture (RDC)? |
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This is another name for the electronic
check processing that is available
through iStream. The scanning of the
check actually initiates the check
clearing process from the business
location. Images of the checks are
transferred to the bank, and checks
can be cleared and funds can be credited
without a hard copy of the original
check.
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| 9. Is
the iStream product an electronic
check conversion? |
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No. Electronic check conversion
is the process of converting a paper
check to an ACH debit on the check
writer's account. No business checks,
money orders, or traveler's checks
may be cleared under electronic check
conversion. It is limited exclusively
to consumer checks under $2500.
Businesses
receiving checks using the electronic
check conversion process are charged
a fee based on the dollar amount
of the check. The iStream system
deposits checks directly into the
bank account of the business and
the per check charges are substantially
less.
Electronic
check conversion is subject to National
Automated Clearing House Association
(NACHA) rules, while checks cleared
through iStream and checks cleared
through traditional paper clearing
are subject to check law.
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10. Do
I need to send the hard copy of the
checks to the bank after I make a
deposit
 through
the iStream system? |
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No. We recommend that you hold the
checks for 14 days, then shred them.
Copies of the check images are held
on the iStream system for seven years.
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| 11. How do I know if
the iStream system will work on my
computer? |
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Please go to the "Products, Services, & Benefits" section
of our website and click on the "ispec" icon.
Your computer will automatically
be checked for system compatability.
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| For Financial Institiutions |
1. What
is the cost to offer Remote Deposit
Capture to our customers? |
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There is
no need for you to invest
in hardware or software
to offer the iStream system
to your customers. Customers
may lease or buy the check
scanner used in the system,
and will incur a small,
per check charge.
Financial
institutions typically
reap substantial savings
when customers use the
iStream system. Please
refer to the "Products,
Services, and Benefits" section
of our website for a list
of potential savings.
Markron,
Inc. will work with your
organization to devise
a plan to introduce the
iStream system to your
customers.
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2.
We do not currently process Image
Replacement Documents or have
Branch
Capture.
Can we still offer the iStream system? |
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Yes. You can still offer your customers the iStream system.
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3.
How many weeks or months does
it take before we can offer Remote
Deposit
Capture
to my customers? |
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You can offer this product NOW. Markron will install the iStream system
in your customers' offices within a few days of their request.
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4.
We go through a corresponding
bank for our check processing.
Will the
iStream system
still work? |
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Yes. It does not matter if you currently do your own processing or
a corresponding bank processes checks for you.
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