Consumers Still Want to Pay by CheckFor the past 20 years predictions have been that the paper check is dead. And yet, in 2008 the paper check is still very much alive. As the younger generation matures, paper checks may very well go away. But, there is still a large demographic today that prefers to pay by check. Debit cards are becoming increasingly linked to checking accounts. And debit cards are becoming a very popular form of payment. However, certain buyers still prefer to pay by paper check. The preference for paying by paper check transfers to the internet merchant as well. If a merchant does not allow a customer to pay by check, there is a high risk that this merchant will lose a sale. There are simply too many other places in consumer can buy goods and services on the Internet. The consumer who wants to pay by paper check will go to a site that allows the ability to do so. Paying by paper check over the Internet is not to be taken literally of course. Rather, information that the consumer provides from a paper check such as routing and account number is translated into electronic transaction. The money is paid for from the consumer's checking account rather than on a credit card. Sooner or later paper checks will disappear. That day has not yet arrived though. Merchants they do not accept payment by check or losing sales. Smart merchants realize that the more ways they give a consumer to pay for a product the more sales they will make. |