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Gone were the days when businesses accept only cash and credit card payments. If you are one among those entrepreneurs who own and run an online business shop and you are still settling with this traditional way of accepting payments, then you might be missing something valuable in the latest business trend of today.
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Now, you do not just rely on cash, debit and credit cards when accepting payments online. You can now be able to accept check payment and do check verification online. The good news is that today, the usual paper check can be converted into an electronic file with the help of an imaging software like the NY check by fax or check by phone software. The electronic check can be sent and received via the internet and can be used to accept and send payments. This makes it more convenient for both merchants and customers to do financial transactions online. Thanks to advanced technology for making this happen.
Why should you consider to accept check payment online? Based on the latest survey, many American adults refuse to get their credit cards. A good percentage of them do have checking accounts and most of them also prefer to pay with the check than via credit cards. If you only accept credit card payments online, then you might not be able to serve these percentage of potential customers. However, if you do accept check payment, there is a bigger chance that you can earn more customers and you can as well further increase your profit.
How e-check processing works? The use of electronic checks is now widely acceptable around the globe. The electronic checks can also be utilised in the same manner as the paper check. Although it is possible to facilitate e-check payments online, most of the merchants use online check processing software like the ACH check processing services that helps them to do check verification online. The services also allow merchants to easily and quickly handle funds transfer as well as to manage check payments more efficiently. Echeck processing can easily and instantly be done. For instance, if a customer from anywhere in the United States visit a merchant's online retail store and decide to buy something, he will be asked about the payment method he will use to pay for his purchase. The moment he will click on the buy button, he will automatically be directed to the payment options. Once he clicks on the pay by check option, he will be asked to fill up the online form with the details of his electronic check. The merchant then promptly submit the details to the online check verification processing company. If there is no issue with the check, the payment funds will then be deposited and credited to the bank account of the merchant. And that's it.
