Merchants selling on the internet that are not accepting electronic checks are losing business.
Offering electronic checks as payments can increase sales by 29%. These would be payments for orders that otherwise would have been lost.
When you accept checks online, you will increase sales by reaching out to households and shoppers who do not have credit cards or do not want to provide credit card information online.
Depending on the electronic check provider, echecks can cost substantially less than credit cards. Saving you money on processing. And increasing the profit margins for orders paid for with an echeck.
One of the limitations of accepting online checks is that the echecks are not yet processed in real time. Therefor, you have a risk of bounced checks.
If you are selling tangible items, it is wise to wait to ship products until the electronic check clears through the consumer’s checking account.
You can get guarantees on online checks by paying extra discount points. But, unless the average ticket on a sale is high, check guarantee doesn’t make sense because, over all, the cost of guarantee will be higher than bounced check losses.
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