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Electronic Check and EFT Statistics
86% of all business payments are by check. E checks are excellent for business to business payments and result in improved cash flow.
83% of all consumer bills are paid by check. As more consumers pay bills online, e checks are commonly accepted as the best way to pay bills
45% of all credit card holders are within 5% of their credit limit.
84% use personal checks as their primary method of payment. Echecks are a natural option to extend payments online.
Statistics by Federal Reserve
EFT Merchant Benefits
Increased sales. Electronic checks are the fastest growing alternative payment option for internet merchants. Electronic checks now comprise 9% of internet sales. (Celant Research). With echecks, merchants access millions of new potential buyers who don't have credit cards, don't have available credit on their credit cards, or simply prefer to pay by check.
Echecks are accepted and used by businesses, governments, and consumers as payment for virtually any form of commerce. Electronic checks are faster, convenient and more secure than traditional check processing, which benefits both the companies and consumers.
More closed sales. It’s Sales 101. “Do you prefer to pay by electronic check or credit card?”
Decreased shopping cart abandonment. Consumers with and without credit cards frequently prefer to pay by electronic check.
Customer convenience and satisfaction. Customer convenience and satisfaction from electronic check payment processing increases profits.
Rescued customers. If a credit card is rejected, echecks are presented as another payment option. With eft, merchants save a sale that otherwise would have been lost.