SPIN: Solutran's POS and Imaging Network

SPIN offers clients a time- and money-saving approach to back office conversion by taking advantage of the client's existing infrastructure, while integrating Solutran's POS and imaging platform and market-leading returned-check processing platform to provide clients with an all-inclusive solution. SPIN eliminates the capital expenditures required by other back office conversion models, including scanner purchases, software licensing, check storage and destruction. SPIN has the ability to reduce fees significantly, accelerate funds availability and improve return check savings.

SPIN creates a new way to process payments from point-of-sale (POS), and most importantly, gets the money into a client's bank account faster. With Solutran's SPIN solution, clients capture the Magnetic Ink Character Recognition (MICR) line and dollar amount information from the POS, submit the data file to Solutran, then ship paper checks to one of Solutran's imaging and archiving centers. At that point, Solutran takes care of the rest. Solutran processes your transactions via ACH or image exchange from the POS file and images, archives and destroys the original checks. SPIN provides all of the expected benefit - accelerated funds availability - with little to no change to your existing depository process.

In the past several months, more than 50 of the nation's largest retailers have conducted preliminary cost analyses using their own current check processing figures compared to the costs of using SPIN. SPIN demonstrated an average projected annual cost savings of 77 percent, which translates into savings ranging from $125,000 to more than $5 million per year, depending on check transaction volume.