Take Your Business to New Heights by Accepting eCheck Payments
Business owners are always looking for ways to increase sales. Most of them offer multiple payment alternatives as it helps them reach millions of customers at a global level. But even then they miss the opportunity to increase sales, only because they don’t accept eCheck payments. Even today, lots of customers don’t have credit cards and they simply prefer to pay by electronic checks. If you want to target these customers, then you must accept electronic checks.
What is an eCheck Payment?
Echeck is an electronic version of paper check used to make payments. In the eCheck payment process, the fund is directly debited from a buyer's bank account and deposited into the seller's account using electronic version of paper check. This electronic fund transfer process is reliable, fast and efficient. You need just one checking account to accept eCheck payments via online mode, or by phone, mail or fax.
How Does eCheck Work?
Echecks processing allows merchants to collect all the important information related to the transaction on paper check and electronically collect funds from a bank account using Automated Cleaning House (ACH) network.
Notification: The customer receives a notification of the transaction details for verification.
Conversion & Collection: The paper check is then converted into ACH based electronic payment. To collect it, merchants use scanners that come with innovative features for high security and fast processing.
Processing: The transaction details are then digitally submitted to the payment processor and then to the financial institute via secure ACH network. The amount is then credited to merchant’s bank account within 2 to 3 days.
Benefits of Electronic Checks for a Business
• Lower rates than credit card processing: Electronic check transaction fer is usually lower than credit card payment processing.
• Increase sales: Capture sales from customers who prefer to avoid credit cards for payments.
• Time efficient: In comparison to paper checks, electronic checks require less time for processing.
• Expand sales channels: Businesses can either accept eChecks online or by mail, fax and phone.
• Payment URLs: Businesses can add payment URLs to electronic invoices to make your eChecks highly secure.
• Multi-currency support: Echecks allow accepting payments in multiple currencies.
So if you are looking for fast, inexpensive and secure way to collect payments for your business, eCheck payment processing would be the best for you.
This article originally appeared here: https://paycronn.blogspot.com/2019/11/take-your-business-to-new-heights-by.html