Electronic checks may not be as popular as other payment processing methods like credit/debit cards or mobile payments but they sure have their own set of benefits. These advantages make echecks a desirable payment method and thus substantiate the need for electronic check processing. These benefits are mostly for the merchants or business owners as echeck integration is fairly easy in comparison to other payment processing. Most companies offering echeck services charge nothing for set-up and there is hardly any equipment needed to process them.
eChecks are advantageous for businesses who that carry out a lot of high risk transactions (card-not present) as they provide preemptive action against fraudulent practices associated with other methods of payment. Merchants find them easier to integrate with their existing payment processing system and also process these payments which require no external devices and can be conveniently completed over a telephone call or over an email. The process is fairly simple and works just like conventional checks only that the whole process is digital and does not require a single shred of paper.
There are a range of advantages of using echeck payment processing other than the ones mentioned above. Let’s take a look at some more of these benefits:
1. Echecks are safer to use and offer greater levels of accuracy.
2. They are user friendly and eco-friendly.
3. Very useful for high-risk businesses as echeck payments are low-risk in nature.
4. Echecks have a lower transaction fees and processing echeck payment is much cheaper.
5. Echecks are better equipped at detecting and diffusing payment related frauds.
Echeck transactions are carried out over the ACH (Automated Clearing House) network and have multiple layers of authentication to ensure that no invalid or unauthenticated transactions can go through. Echecks are highly recommended for businesses who that face a lot of chargebacks and friendly frauds, as they are foolproof against such losses. All transactions are first verified for the presence of funds and only when funds are available, the transaction goes through.
Merchants who are looking to reduce their chargebacks and also need to open up to a new spectrum of potential customers can opt for echecks. Moreover, businesses can get faster payouts, pay lower transaction fees and avoid the hassle of rentals and termination fees as with other payment processing methods. Being open and available to more unconventional and bohemian methods of payments makes your business more credible and give it more reach. This can be easily done by simply adding echeck processing functionality to your payment processing package. Ask your payment processor to furnish you with the required details.
If you have any questions regarding echecks, comment below and we will get back to you soon. We are always happy to help.