While it may seem that credit and debit cards have totally eliminated the use of checks in today’s business climate, the reality is that virtual terminals and payment gateways have given a new lease on life for the check. One of the most important features of any business is the ability to accept as many forms of payment as possible, and Merchant Processing Advisors is here to offer solutions for this need.
One method of payment that has gotten traction over the last few years is the e-Check (electronic check) where a customer can use a check with a merchant, who can then immediately verify that the check is good. The process of e-Check processing is done by the merchant uploading the check number, account number, and routing number of the check through a virtual terminal or payment gateway. Within a few seconds, the merchant will know whether the check is good or not.
The professionals at Merchant Processing Advisors will point out the importance of having e- Check processing for their business. One benefit is that many people are very wary of using a credit or debit card over the phone or on a website due to the rampant theft of card numbers that seem to make headlines every few months. Using e Check processing takes away such concerns for them, which ensures that they’re willing to make a purchase. It also opens up a merchant’s business to those individuals who do not possess a credit or debit card, and it reduces the possibility of lost or stolen checks. Another benefit is that using e-Check processing speeds up the “cashing” process without the merchant needing to go the bank or fill out a deposit slip. This process also has a lower rate than credit cards, even if you’re a high risk merchant.
As always, Merchant Processing Advisors can find you the best competitive rates possible. Call us today for more information on e-Check processing.