Which of the following occurs when retailers transform paper checks they take from customers and process them electronically?

A) Check transfer
B) Check substitute
C) Check exchange
D) Check conversion

In addition to electronic fund transfers consumers initiate through ATMs and point-of-sale readers,retailers increasingly transform paper checks they take from customers and process them electronically.The process,which is known as "check conversion," starts when a consumer gives a seller a paper check.The seller gathers information from the check,including the buyer's bank account number,the "routing number" that identifies the buyer's bank,and the serial number of the check.The seller hands the paper check back to the buyer and completes the payment transaction by adding the amount of the purchase to an electronic file."Check conversion" saves the seller time and money it otherwise would spend collecting the paper through the buyer's bank manually.