ARC is one of several forms of electronic checks, in which check transactions get converted into electronic debits against a checking account. Others include Web- and telephone-based check payments and checks written at the cash register and converted into e-checks by the retailer. The total number of E-checks reached 473 million in the second quarter, an increase of 121% over the year-earlier total. The figures don't include debit-card transactions.
For the first time, ARC conversions eclipsed Web-based E-check payments, which totaled 170 million in the second quarter. Telephone-based E-payments were 46 million and E-check conversions at the cash register were 42 million.
In addition to the 473 million E-checks processed as one-time transactions, another 539 million were processed as recurring transactions, meaning that more than 1 billion E-checks were processed in the second quarter--approximately one-third of all consumer check payments.