Consumers Still Pay with Checks
For the past 20 years predictions have been that the check is dead. And yet, in 2010 paying by check is still very much alive.
As the younger generation matures, checks may disappear. But, there is still a large demographic today that prefers to pay by check.
The preference for paying by check transfers to the internet. If you do not accept electronic checks, you risk losing sales to merchants that do. There are simply too many other sites where a consumer can buy goods and services online and pay with an echeck.
Electronic checks are the most popular alternative payment method for US shoppers. Shoppers who want to who want to pay by check will go to a site that accepts electronic check payments.
With electronic checks, the consumer provides routing and account numbers at checkout rather than card data. Funds are debited from the consumer’s bank account and deposited to the your business bank account.
Sooner or later checks may disappear. That day has not yet arrived though.
Merchants they do not accept checks online lose sales. Smart merchants understand that the more ways customers can pay, the more sales they will make.
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