The convenience of online payments is undeniable for businesses and consumers alike. But the convenience factor does not simply end with credit cards – e-checks or electronic checks (aka ACH payments) is another method of capturing payments online that offers an exceptional convenience for businesses.
What are E-Check Payments and How Can You Accept Them?
An e-check payment functions similar to an online credit card payment but instead uses the customer’s bank account and routing information rather than a credit card or debit card number. In order to accept an e-check payment, a business would need a secure e-check gateway set-up, like Converge, arranged with a payment processing company.
What are the Benefits of Accepting E-Checks?
- E-checks are one of the most secure forms of online payments in contrast to credit card numbers that can be easily compromised.
- E-check transaction fees are typically processed at a much lower rate than a credit card transaction – this is typically a fixed amount rather than a percentage.
- No more worrying about checks getting lost or stolen in the mail.
- Payments are processed in real time – no more waiting for checks to arrive at the office and annoying trips to the bank.
- More convenient for customers to make payments anytime from the comfort of their home or office without dealing with envelopes, stamps and trips to the post office.
What Should You Look for in an E-Check Platform?
- An Internet-based program with no outside software to install
- It should be accessed securely from any computer with Internet access
- Real-time access to data and customized reports available for downloading and exporting
- Supported by a point of sale system for in person payments and swiped credit card transactions
Although paper checks may never become obsolete, they are increasingly less popular. Younger generations of consumers and business people truly prefer not to deal with the hassle of paper checks. E-checks allow businesses to take advantage of the same “economic” function of checks without the inconvenience of dealing with the check themselves.
The more payment options your business offers its customers, the happier they will be. Add E-checks to the roster, you won’t be disappointed.
About the Author – Rachida Arteaga, Director of Marketing at NTC Texas is a successful five year marketing veteran, running events and campaigns for large to small enterprises and non-profits. She specializes in blogging, social media, branding/ identity and search engine optimization, striving to provide NTC Texas customers and fans with entertaining and valuable educational resources to find success in all areas of their businesses.
Top Photo Courtesy of Google CC.