|April 8th, 2022
As time has changed, consumers think of choosing the companies that bring convenience in the fast-paced digital world.
Many big companies in the US are searching for ways to streamline the payment process and even improve the customer transaction experience by adopting the eCheck payment processing system.
Given below are the reasons why eCheck payment processing is taking over the business world-
1. Physical Checks Are Becoming Redundant
Many people are switching to digital payment technology, coinciding with the decline in traditional payment methods. As per the study conducted by Federal Reserve, the overall amount of physical check transactions has declined by 2.5%.
Moreover, traditional paper checks have declined steadily since 2003. This is why eCheck services have replaced paper-based checks.
2.Decline In Cash
As per the Federal Reserve Bank of San Francisco, cash has always remained the dominant method related to payment for many Americans.
Since half of all transactions are under 50$, with newer and better payment methods, the use of cash has also declined. From 2012 to 2015, the use of cash has slightly decreased from 40% to less than 32% of all transactions.
3.Availability of Better Technology
Many consumers switch to digital modes of payments like credit cards, debit cards, and the Automated Clearing House (ACH) system. eChecks work as a part of the ACH system, and this type of payment is measured to provide quick transactions across the country.
Even the payments through this system have risen by 3 billion since 2012.
It has been reported that nearly 23.5 billion ACH transactions have got completed, with an overall value of 145.3 trillion.
4.eChecks Have Become More Convenient
eCheck payment processing is the technology that remains convenient for businesses and consumers. These eChecks have better adoption rates than customers dependent upon check payment.
The digital payment systems have network effects. This implies that the payment network remains valuable and useful when many users are using it. The eCheck and ACH services have steadily grown in recent years. On the other side, you can easily integrate eCheck payment processing into your eCommerce business.
One good thing about eCheck payment processing solutions is the easy integration into their existing account and sales infrastructure. It allows customers to transact eChecks, and the transaction can easily get connected to their accounting software. Moreover, it eliminates the cost of adoption too.
The most priced key benefit of eCheck payment processing for the merchant and customer remains the verifiable transaction evidence. The eChecks can be traced and managed efficiently, reducing the risk of misunderstandings and payment differences with suppliers, customers, and vendors.
With the help of eCheck payment processing, you can easily accept payments without the need to store and protect sensitive customer data. Payees aren’t required to submit their details and government-issued documents.
eCheck services help in securing end-to-end payment. It allows one business to gain guarantees on the checks through their payment processor while the customers remain protected under Regulation E. Security also remains the most crucial digital payment feature through ACH.
10.Ease of Use
eChecks can be used easily and carry a lower risk of human error. So, the transactions of eChecks are automated and can be cleared through the nationwide network, which implies that payments are accessible mode to get completed.
Therefore, it would always be advisable for a business consultant to connect with the suitable payment processor needed to integrate the system and provide convenience to their customer.
It becomes imperative to adopt new technologies and provide convenience to grow your business. Many merchants prefer to take eChecks, and also integrate them into their payment infrastructure.
If you want to streamline your transactions and simplify your payment process, then choosing eCheck services is a good option.