Skip to content

Electronic Check Processing Convenient For Modern Merchants

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.