|May 3rd, 2019
7 businesses in 10 are accepting card payments. So what is your business’s USP? How do you plan to get ahead of your competition? Can eChecks benefit your business in anyways?
Let all these questions find their answers as the post unfolds.
The current business scenario sees more fierce competition than ever before. Customer retention and customer relationship management spearhead an organization to experience growth and success. A business cannot do great in any of these areas unless it provides secure and fast payment processing to them. Does accepting card payments would suffice? Or you will have to offer more to your customers?
Many of you would be thinking that you have played your part by deploying card processing professionals and now it is time to harvest the ripe crops. Unfortunately, most of you might not get the desired results. The profit figures might be too less when compared to your expectations. While it is true that there are several things to take care of when appointing a payment processor for your company, accepting ACH payments can change the game in your favor relatively easily.
Yes, it is all about accepting eCheck payments.
What Is eCheck Processing?
eCheck processing refers to automated clearing houses. It is one step closer to developing a cashless society.
It was only after the introduction of eChecks that a financial transaction sans any involvement of cards (both credit and debit) was made possible.
In simple words, eChecks are the checks which don’t need to be signed by the payer. Bank account information is exchanged, and money is still transferred but there is no paper involved in the whole process.
Business Benefits Of Accepting eCheck Payments
How can it up your game should be one of the prime concerns of every single merchant? It is interesting to know all ways wherein online checks have the upper hand over their paper counterparts. Not only this, but it is also believed by industry specialists that eCheck processing is any day better than credit card processing.
1. eCheck processing is faster than others
As soon as a transaction is initiated, eCheck payment processing starts right there. Once the payment form is submitted (only with proper customer info) the automated process commences. It is quite unlike paper check processing which takes too long in clearing out the transaction.
Businesses accepting digital checks save their precious time with ease.
2. It is even more secure
Who does accept paper checks in the digital era? In America, there have been the highest cases of check fraud. Considering the fact you should be keen to switch to the electronic counterparts. Merchants who use eChecks to pay their vendors, clients, and associates through eChecks rest assured of having satisfied partners.
3. eChecks are easier to fill
The beginners might think that it will take too long or it will be too complex to fill out the eCheck payment form but it is not close to the complex. Moreover, it is error-free as the payers fill in their information themselves.
4. eChecks are less expensive
The greener alternatives to paper checks have one big advantage on their side which is they are not very costly to afford. On the contrary, eCheck processing is much more inexpensive than credit card processing. This is probably why there are businesses that accept payments only through online checks.
5. They are highly convenient
Whether you have to pay rent or club membership etc. you can always rely upon eChecks. You know your business will never run out of eChecks plus you can make the payment from wherever you are and whenever you prefer. These paperless transactions make you smarter.
6. Not many merchants accept eChecks
It is a relatively newer concept in the payment industry. It is smart to take leverage of the current market scenario before others take lead. Start accepting payments from wherever you are. It just needs a smartphone or net-connected device to make an eCheck payment.
Make Your Business Edgier Than Before
It is quite a possibility that you are already accepting card payments and might feel there is no need to spend money on setting up an ACH account. While it is typical for every business owner to save money, it takes a smart businessman to understand the difference between spending and investing.
An e-check-enabled platform gives your business the foundation to get flexible. Flexibility is much important to attract and retain customers. Improving business relations become easier with the use of eChecks in your business. As time advances, it is imperative to adapt yourself. It goes without saying that the business environment is highly dynamic in nature. If you would have stuck to the yesteryears payment methods, you could not have reached where your business is today.
The payment industry has evolved from barter systems to currency, cash, checks, cards, and now eChecks. Saying no to eChecks means you are saying no to instant payments. It also means you are not bothered about losing customers to your rivals who are quick to grasp the newer payment technologies.
The Bottom Line
With eChecks it is not only possible to render an additional way of accepting payments to your customers but it also reduces the chances of common payment-related challenges like fraud and bounced checks.