Why Your Business Needs Electronic Checks

Mar 24, 2016

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

eMerchantBroker.com 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.

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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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