Adding echecks as a payment option at checkout is the fastest way to increase profits with no additional effort. The more ways customers can pay you, the more sales you make.
Electronic checks are the most popular alternative payment method for US shoppers. Millions of Americans regularly pay for goods and services with direct debits from bank accounts rather than cards.
Echecks and ACH are both used to process payments from bank accounts. The difference between the two is how the transactions are processed on the back end.
With ACH, bank debits are processed through the ACH network. While the ACH network is not yet “real time” same day ACH debits are now available. Physical products can be shipped faster. And digital products can be fulfilled quickly.
Although ACH is often used as a synonym for echecks, not all echecks are processed through the ACH network. Echecks can also be cleared though the merchants’ own bank accounts. Rather than depositing paper checks, the echeck processor sends an electronic file with the deposit information to the merchant’s bank.
Technical advancements on how ACH and echecks are processed eliminates the issues previously associated with accepting the payment method for ecommerce.
Ecommerce merchants now can instantly authenticate bank accounts and verify funds in the account. Greatly reducing the risk of fraud.
The amount of money in the bank account is instantly verified, in real time. This lets you know that there is enough money to cover the amount of the transaction.
Funds are debited from the bank account very fast. Substantially reducing the risk of returns for non-sufficient funds.
Although money is not “frozen” for the transaction, as with card payments, the verification of available funds is faster and more reliable than any other form of check verification. Many other echeck providers simply confirm there are “positive funds” in an account but do not give you access to the amount.
The more ways customers can pay you, the more sales you make.
The more ways customers can buy from you, the more sales you make. For ecommerce merchants, accepting echecks is simply good business. Let your customers pay you any way they want. And watch your sales grow.
Interested in finding out more about how echecks increase sales and profits? Contact info@NationalACH.com today. Or call 866-ACH-7600.