The concept of mobile payments has become about more than just being competitive; it has evolved into the ability to improve mobile commerce and enhance the customer’s overall experience. According to research by firm IDC, reports reveal that by 2017 1.5 billion smartphones will be in use on a global scale. This is a very important fact for mobile payments since smartphones give consumers the ability to demand the when, where and how they choose to transact.
It is important to note that the future of payments is not a trend. Forrester Research has predicted that, by the end of 2017, U.S. mobile users alone will be spending $90 billion via mobile payments. With this increased usage of smartphones, some are wondering where this leaves checks in the world of electronic payments.
The answer to this question is even more important for attorneys, since they have long been accustomed to using checks as a predominant means of conducting their financial transactions. Law firms have unique needs in comparison to other more retail oriented merchants. These unique needs include the capability of separating client payments into operating and trust accounts when the need arises. As a result, many law firms have turned to merchant accounts.
Attorneys can find a merchant account that meets their various needs while also securing the ability to process their checks. For example, eMerchantBroker, voted the best high risk provider, now offers iCheck service. This new service is a revolutionary new way to accept check-based payments. This electronic check processing allows for faster funding on a wider variety of checks, and all check types can be accepted even if the consumer is not present. This wide variety of checks includes: money orders, personal, business, government, travelers and cashier’s certified.
The features of iCheck include an iPhone app that allows the user to take a picture of the check from any location with an iPhone or iPad. Pay now buttons can quickly and easily be added to any part of a website, and email invoicing makes payment and digital signature fast and simple. The check-by-phone service also allows merchants to accept and process checks over the phone. EMB also offers paper guarantee; this means a law firm will still have the ability to accept and process paper checks without any risks.
iCheck can offer attorneys a fast way to deposit their funds; thus, saving them from trips to the bank. Even though the growth online has been exponential, that does not mean law firms no longer have the ability to process their checks. iCheck has just made the process faster, easier and simpler; thus, helping merchants like attorneys and their law firms to process their checks while also staying up-to-speed with the increasing popularity of mobile payments.