|December 6th, 2019|
Apart from pollution, another thing that has grown drastically over the recent years is the phenomenal eCheck processing industry. Thanks to the high risk merchant, electronic checks have become the first choice of majority of businesses.
There is no denying that a number of businesses go throw an unpleasant experience of repeated rejection while hunting for a reliable high risk payment processor. But fortunately, certain service providers have evolved as the ray of hope for them. Now high risk merchants can escape into the helpful world of eCheck processing.
What To Choose? eChecks or Credit Card Payments?
For the ones who are involved with services or merchandise that fall under the high risk category, juggling what to choose among the two is obvious. At times, such businesses show interest in reaping the best of both the worlds. But yes, during their desire to start with credit card payments, they ponder upon a number of thoughts like:
Even after fulfilling these criteria, they remain under the radar of facing application rejection. Why? Because guidelines followed by payment processors don’t align with them, of course, it’s due to the high-risk nature of the business.
For a second, if rejection is overcome, other thing that bothers is how to assure not being slammed by the dangerous chargebacks? High chargeback possibility is directly proportionate to possibility of getting in hold to process the payments. In simple words, everything that is not in favor of the business can happen.
Let’s move towards the bright side now, eChecks. This reliable payment processing offers a number of benefits such as,
Types Of Payments Possible With An Electronic Check
Costly matters such as mortgages, rent, fitness subscription, car installments, etc. can be made easy with eCheck payment. Reason? A merchant can easily process an electronic check payment.
eCheck For Recurring Payments
It’s excellent to know that when it comes to pay recurring payments, eChecks are simply great. Moreover, recurring eCheck payment and recurring ACH payment are the same. As per the observations, if we talk about property managers, they are inclined towards completion of recurring eCheck rent payment by the tenants. This is because it allows them to automatically deduct the rent from tenant’s account every month.
2 Ways To Send eCheck Payments
Talking about the first method, a telephone conversation can be recorded, wherein, the payee can request for checking account and routing number. Now the company has to pay these details along with the payment amount in an online payment terminal. Once ‘Process’ is clicked, the particular amount of money is deducted from payer’s account and is deposited into the company’s account.
Moving on the second method, payee can provide an online payment form to the payer. Checking account number and routing number have to be filled on the form. Other thing that needs to be filled is the amount. As soon as ‘Submit’ is clicked, the payee can take the amount from payer’s account.
Is There Any Possibility Of Frauds?
Thanks to the improvement in data theft as well as fraud prevention techniques, frauds are not a thing to lose sleep over when dealing with eChecks. Payment gateway reduces the risk of fraudulent checks. Other good thing that increases safety is the fact that there’s no involvement of multiple people like unlike paper checks. Having said that, sensitive details like back account information are not exposed to many people.
Among all the benefits of electronic checks, one benefit that is worth celebrating is that even if there happens a bad check, customers remain protected under the Electronic Fund Transfer Act. Owing to this act, a bank allows the client to cancel the payment he/she finds fraudulent.
eChecks Are For Sure Trustworthy
Hopefully, all the words of praises explained above have convinced you to switch to electronic checks if you haven’t started yet. To know more, feel free to get in touch with us and get immediate answers to all the concerns. Stay advanced, stay secure!