eCheck Solutions for Any Business

Jun 26, 2018

The payments ecosystem goes on shifting all over the world. Cash and checks are shifting towards credit cards, debit cards, and wallets. Are you ready for the changes? What should you know about eCheck solutions for your business? Just read below and you’ll know.

What Is eCheck Processing?

Electronic check processing is associated with converting a paper check received from a customer into an electronic transfer. The latter is also called an electronic check. When you use an electronic check, funds go from your customer’s account into your business’s bank account.

You can make such transfers using the Federal Reserve Bank’s ACH or Automated Clearing House system. It’ll be fast and less expensive. So, electronic check processing helps you take a paper check and submit it for payment electronically. There’s no need to go to the bank.

Thanks to a software program or a web-based payment processing service, you can process checks electronically easier than you may think. A web-based system or ASP doesn’t require to install any software or purchase any hardware. You’ll just need to submit the check information and the transaction.

Electronic Check Processing

The implementation of electronic check processing has to do with choosing a processor. Also, it requires to change your businesses processes so that the rules for electronic check processing can get confirmed. You should:

1.      Inform Your Customers

You must let your customers that their paper checks will be processed electronically. To notify them, you can just write on your invoices or post a sign at your place of business.

2.      Collect and Convert

The paper check gets converted to a one-time ACH-based electronic payment. The customer’s bank routing number and account number get captured. Then, you must copy the check, stamp the original check “VOID,” and discard it.

3.      Process

The payment processing company must present the ready ACH file for the check to your bank. Then, the payments will be processed through the ACH network. The customer’s account will be debited, and your account will be credited. The payment will get documented on a customer’s bank statement with the check number, amount, and the billing company name.

Why should online merchants choose check solutions? Here’s why:

1. To Offer Check Payment for Those Who Prefer It

Check payments are still a preferred choice for a small part of the population. So, if there’s an audience, you should offer their preferred payment method.

2. To Rescue a Sale

Credit cards are declining nowadays. This creates challenges for merchants who offer nothing but credit/debit card payments.

3. To Offer Faster Approval and Setup

When you, as a merchant apply for a merchant account, you may wait for some time to get an approval. This period usually lasts between 3-5 business days. Sometimes, you’ll get an approval within 48 hours.

Need Electronic Check Processing? Turn to EMB

March 16, 2018, marked the beginning of the 3rd phase of same-day ACH. It made all types of ACH payments such as debits/credits eligible for same day processing. Are you a merchant interested in electronic check processing? have you tried applying to eMerchantBroker.com?

EMB is voted the #1 high risk payment processing company in the US that boasts an A rating with the BBB. Moreover, eMerchantBroker.com has an A rating with Card Payment Options and is dedicated to providing exceptional merchants services in the market.

When using iCheck, the eCheck processing service offered by EMB, merchants can see funds from check sales just right off the bat. By just filling out EMB’s simple, online application, you’ll be able to enjoy the benefits of this revolutionary service without delay.

eMerchantBroker.com knows well that merchant account services can be confusing and overwhelming. This is especially true of newer businesses. The great thing is that EMB provides the latest information about payments solutions and uses the most advanced technology.

EMB specializes in credit, debit and wallet solutions for any type of high risk industries. EMB is in the high risk niche and values check payments as an underused and underrated method of payment acceptance by online merchants.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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