How Do Businesses Accepting Electronic Check Payment Benefit?
Some businesses don’t care about how they get money as long as they are getting paid for their products and services. The smarter ones however, consider investing their time and resources in which security and speed both are intact just like eCheck payment processing. But is it only about electronic check advantages for a business? Well, there is a heap of digital check advantages waiting for you to garner them.
Why They Are Superior Over Traditional Checks?
Some merchants from the yesteryears may argue that if payments are to be made via checks then what is the problem with sticking to traditional paper checks. Upgrading your business to an electronic version of checks is important because with former ones there is a plethora of challenges. Not only cases of fraud and bounce checks are common with paper checks but its processing is quite lengthy adding to the challenges of the merchants on a day-to-day basis.
Imagine one merchant expecting a payment of $5000 dollars from one customer with which he decided to buy raw material for his manufacturing unit for a sum of $3800. According to his calculation and planning, after receiving the payment he still had 2 days time for ordering the raw material from vendor. He was occupied in meeting prospective clients and forgot to check the calendar for bank holidays. When he made a call to his client he realized his mistake and even after insisting the vendor he could not buy the raw material he wanted to.
There are so many instances in a businessman’s life when he tries to manage the cash flow. Sometimes their own paper checks do not get processed within a time limit and they end up paying penalties. There are occasions when they suffer losses due to fraud checks.
eChecks enjoy upper hand over their traditional counterpart. They get processed on the same business day without asking you to spare time to visit bank. Funds get transferred instantaneously here.
What Are The Common Myths About Accepting Electronic Checks?
- Set Up Cost Is High- Most of the merchants staying at distance from electronic checks are unaware of the inexpensive set-up cost of ACH transfers or eChecks payment processing services. Make it clear to yourself, neither the process is long nor it is expensive. In fact, you can contact 3-4 providers before finalizing so that you get the best price.
- Card payments suffice- There is another category of businessmen who think accepting credit card payments is more than enough for attracting customers and income. Cost of each transaction through eCheck is fairly less than the cost of card per transaction.
- Too difficult to make use- It is not at all true as it only takes internet connection and a device to support in making the payment from any corner of world. Payer making use of it can make the payments very easily and it eliminates major chances of invalid checks. It takes even less time than filling and signing a paper check.
A lot depends on the provider you have selected for availing eCheck services. Instead of cheap and rookie services opt for reputed services at reasonable rates.