eChecks or electronic checks are the most popular alternative payment method in the US. Adding echecks to your checkout page is the fastest way to increase sales. Millions of Americans regularly pay for goods and services using eclectronic checks rather than cards.
In this article we look at the benefits of eChecks for high-risk merchants and also take a look at how electronic checks increase your profits.
Benefits of eCheck Processing for High-Risk Merchants
Electronic checks are popular with businesses and online shoppers. Echecks offer an alternative payment option instead of cards. Echecks are widely accessible to businesses classified as high risk.
Here are some of the reasons high risk merchants add echecks as a payment method.
- Fewer Restrictions: eChecks come with fewer restrictions than many other payment methods.. High-risk merchants usually have a number of restrictions imposed on them by their credit card merchant account. These restrictions include limits on transaction size and limits on amounts that can be processed on a monthly basis. An eCheck account for a high-risk merchant comes with fewer restrictions, allowing business owners to make transactions successfully without limitations.
- Lower Cost: Businesses today are always on the lookout for ways to reduce costs and generate revenue. High risk merchants save money on echeck transactions because there is no interchange involved with electronic checks. Therefore, echeck payments reduce your cost of sales.
- More Chances of Approval; Many high-risk businesses today face innumerable complications when it comes to obtaining a card processing merchant account. Echecks do not have the same restrictions on chargebacks that card merchant accounts have. And using echecks as an alternative payment method helps protect your card processing accounts.
- Physical checks are now redundant: The emergence of digital methods of transaction directly coincides with the steady decline in traditional methods of payment. The number of payments made through checks fell by around 2.5 billion during the four years between 2012 and 2016. The number is falling by even more currently.
- eChecks Are More Convenient: The primary purpose of a mode of financial transaction is to be convenient for everyone involved. eChecks are just a lot more convenient for both, merchants and customers. These eChecks click with buyers that have relied on checks for payments but were in search of a digital alternative.
- Easy Integration: eChecks can easily integrate into most sales and accounting infrastructure. Once your customers get the ability to transact through eChecks, payments can be easily recorded in your system.
eChecks are the future of financial transactions for high-risk and low-risk merchants. The widespread global adoption of the technology and the decline in traditional checks has fast tracked the move toward the future. High-risk merchants can now use eChecks to manage their operations and transact conveniently with customers.
Do you want to streamline transactions and make payments more convenient for your clients?
Contact us today on 866-ACH-7600 to learn more about this trend and how your business can benefit from digital payments.