Electronic Check Processing Convenient For Modern Merchants

Feb 29, 2016

While the majority of us use debit or credit cards for purchases, some still use paper checks. The percentage of use rises in terms of bill payments. While there is nothing wrong with accepting a paper check as payment, the processing is a lengthy process, and at times a costly one. Electronic check processing is not a fad, but rather the best thing to happen to the checking industry since, well, paper checks.

Electronic check processing isn’t much different than debit or credit card processing. While there is a small difference with each processor who offers this ability, the premise is the same: quick processing, and processing that allows the customer to not be present at the time of sale or payment processing. This is ideal for businesses that have payment plans, as well as businesses that accept payments over the phone or via the internet. The ability to accept a check over the phone or internet is a great convenience for busy consumers, and happy customers means good word of mouth.

EMB offer iCheck processing, which is a form of electronic check processing. All check types can be accepted at Point of Sale or when the consumer is not present. There is no need for customer ID, customer presence, and funding is guaranteed. This is not the case with paper checks, which can lead to a long checkout time at the register. Ease of convenience often comes with a lessened security presence, but this is not the case with electronic check processing. The same secure methods that are used to vet plastic card payments are used for iChecks and the like, which help ensure customer and merchant security. Of course, there is always the risk of fraud, but there is also a risk of fraud with paper checks. Nothing is 100% secure, but processors are making advances every day in effort to combat the small threat of hackings in the US.

While there is no harm in accepting paper checks, you can attract a larger clientele by accepting electronic check payments. Not only does this speed up checkout time, but it allows for processing over the phone and online. This helps you keep your existing customers, and gain a new customer base.

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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 on 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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