Getting paid is the ultimate priority for a business. In order for it to happen consistently with ease, keeping customers satisfied is important. Just like how customer preferences are taken into consideration in terms of the products being sold, their payment preferences should also be taken into account.
Most merchants are aware of the variety of payment methods and tools available in the market today. While online payments have rapidly gained popularity, some folks still choose to go the traditional way i.e. check payments.
Shocking? Not really! Checks are still seen as a reliable form of payment. As a merchant, it is in your best interest to determine if accepting checks is critical for your business.
Check Processing Services
With the more popular payment solutions available to customers & businesses, Merchant Check Processing Services are relatively little known.
Electronic Check Processing or E-check is a type of payment method available to merchants receiving check payments. Herein, paper checks received through customers are converted into electronic checks with the amount being transferred into the merchant’s business account. Merchants also have the option of receiving checks over phone as well as online.
Payment via checks comes with its fair share of risks for merchants; Bounced or returned checks and other fraud cases result in high chargebacks for merchants. With check processing services, check payments are managed effectively, efficiently and securely. E-Checks have made facilitating check payments simpler, faster and safer for businesses.
Consider Electronic Check Processing Services for your High Risk Business
High risk merchants always have to go through several hurdles to secure a fitting credit card processor that serves their business needs. Due to their risky business nature, approval rates for high risk merchants is low and those getting approved have to pay high processing fees. After all of this, the threat of chargeback and frauds still looms large.
Check Processing Services have proven to be the best option to save merchants from the hassles of acquiring a credit card processor.
So why should high risk merchants consider integrating check processing services with their business? Here are some benefits:
-Quick Approval
For starters, the approval process for high risk businesses is faster and the chances of getting approved are higher. As long as you are a legal business, merchant account providers should easily provide you with the desired services no matter the business type or product sold.
-Lower Costs
Fees are a big concern for high risk merchants. Merchant account providers charge an exorbitant amount to process credit cards of high risk businesses. Whereas, monthly costs for processing e-checks is much lower comparatively.
Also, if you are a business receiving payment majorly from checks, with check processing services save yourself the trouble of taking multiple trips to a bank.
-Same Day Funding
Unlike paper checks, merchants do not have to wait for days to get your e-check passed. Authorization happens in real-time and funds are deposited within 24 hours once the checks are processed.
-No Chargebacks
High risk merchants dread the word ‘Chargebacks’. It’s a major risk associated with credit card processing. Electronic check processing eliminates the risk of chargebacks by avoiding bad checks and other frauds.
-All Business Types
Check processing services is also available for all business types under the high-risk category including large-ticket items and high volume transaction businesses at a small monthly processing fee.
To conclude, Check Processing Services is a great alternative payment method for high risk merchants wanting to escape the tedious process of acquiring a merchant account or even simply looking to introduce a new payment option.
Get started with e-checks and expand your business!
