The modern business must provide a variety of payment processing options for their clients. One new and popular payment processing option is electronic check payment processing. e-Checks are a hassle free option that simplify check cashing and speed up the payment process, ensuring that your business gets paid quicker. Before signing with a payment processor, businesses should know what type of payment processing services are available and make sure that e-Check processing is included.
Why Electronic Checks?
e-Checks provide a variety of benefits to merchants. e-Check technology has eliminated the need for trips to the bank, deposit slips, and check theft or loss. Even if your company has multiple locations, checks can be processed at each individual location then funds can be transferred to a central account. Therefore, e-Check processing is a safer and more efficient alternative than traditional processing.
How Does the e-Check Process Work?
The e-Check process starts when a customer writes a traditional paper check at the POS. The check goes through a reader that captures important information on the check such as the account number, routing number, and check number. Then additional merchant information is entered to finish the one-time electronic payment. A receipt is then generated to be signed, voided and returned to the check writer. The transaction should then appear as a debit in the client’s bank statement. The merchant then sends the check information to the payment provider and the funds appear in the merchant’s account within 2 days.
eMerchantBroker.com is a major payment processor that utilizes the Automated Clearing House (ACH) network of electronic financial transactions for e-Check processing. EMB also utilizes iCheck for quick check processing.
iCheck: The EMB Solution
EMB has a full service electronic check processing system. iCheck processes multiple types of checks, and is ideal for multiple sales environments. iChecks can be accepted at POS without the customer being present. iCheck provides:
- Guaranteed funding.
- Free online activity monitoring
- No need for consumer notification or receipt.
- App feature that lets users take photos of checks for payment
- No check writer authorization requirement.
- Fast electronic deposit of funds, in as little as 24 hours.
eMerchantBroker.com offers e-Check processing for head shops and other high risk merchants. The account managers of EMB can provide you with premium check processing payment solutions that other traditional payment processors can’t or won’t give you. Start your account today.