Technology has a come a long way since physically depositing and processing paper checks a decade or so ago. Gone are the days when a merchant had to wait for days for checks to be manually processed. Merchant check processing has eliminated the delay by introducing electronic checks or e-checks, wherein traditional paper checks are turned into electronic transfer. With check processing services, e-checks are processed much more securely and with sophistication.
Merchant check processing services in 2018 has made check payment processing simple and more importantly, faster.
Merchants may consider accepting and processing payments via checks outdated in an era of credit card processing and payment gateways. However, it still is critical form of payment for many kinds of business and customers. Before brushing off the idea and losing business, merchants should look at the payment options their competitors offer and what payment methods do the customers prefer.
Checks are still a relevant form of payment. Merchant check Processing services provide real-time authorizations and fewer hassles than traditional paper checks and save various trips to the bank.
With different types of merchant check processing solutions available, any kind of merchant can accept and present checks in numerous ways.
Automated Clearing House (ACH):
ACH is merchant check processing service that allows merchants receive payment directly from the customer’s checking account when the check is not present. ACH is a quick, low-cost solution for merchants billing customers on a regular basis or even if a customer is making one-time online purchase.
Point of Sale (POS) Check Conversion:
POS Check Conversion is beneficial for face-to-face transactions. Just like credit card processing, checks can be accepted and processed electronically with POS check conversion. POS conversion services provide the necessary tools for secure transactions. With the use of a check reader or imager connected to the terminal, checks are processed and deposited to your account.
Remote Deposit Capture (RDC):
Remote Deposit Capture technology allows a merchant to scan the check received into an image file and upload it for deposit. The task of manually depositing it at your financial institution is saved and instead the entire process takes place electronically. The RDC system can be designed to meet individual merchants’ requirements.
Image Cash Letter (ICL):
Image cash letter services are ideal for merchants with higher check transactions. ICL services have the ability to convert check information and customer data into a digital form of the check. These services allow merchants to process numerous digital checks together with associated data into a structured file which then is submitted in the form of an electronic deposit.
Accepting Checks for your business in 2018 –
Merchant check processing has numerous benefits, the obvious one being saving time. With checks getting transferred electronically, you don’t have to take frequent trips to the banks and wait for your check to be processed. Faster payment is made possible with check processing services.
If you are working from different locations, no matter where you deposit checks, your funds can be collected at your main account.
Yes, due to the increased popularity of credit and debit cards the frequency of accepting payments via checks and cash has reduced significantly. With check processing services you don’t have to turn away any customers. If you have determined that accepting checks is detrimental to your business, then you should carefully study the above mentioned merchant check processing solutions and pick out the option that best suit your business needs.
