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Why Your Business Needs Electronic Checks

If you are starting a new business, having diverse payment processing options is crucial to recruiting and maintaining clients. One vital payment processing option that you must provide is electronic check payment processing. This new technology is hassle free, simplifies check cashing and ensures that your business gets paid quicker. Before signing with a payment processor, make sure that they provide e-Check processing.

The e-Check Process

The process begins when a customer writes a regular paper check at the POS. The check is run through a reader that captures the important information on the check like the account number, check number, and routing number. Then additional merchant information is entered to complete the one-time electronic payment. A receipt is printed to be signed, voided and returned to the check writer. The transaction will appear as a debit on the customer’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.

Why Electronic Checks?

e-Checks offer a variety of benefits for merchants. Merchants no longer have to venture to the bank, have no deposit slips to complete, and drastically reduce the chances of checks being lost or stolen. If your company has multiple locations, checks can be processed at each location then funds can be sent to one central account. Plus electronic checks offer guarantee programs that uncover issues like insufficient funds quickly.

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.
  • No check writer authorization requirement.
  • Fast electronic deposit of funds, in as little as 24 hours.
  • App feature that lets users take photos of checks for payment offers electronic check processing for all types of 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.