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Thursday, July 25, 2013

Electronic check processing technology: Helping your business succeed

Electronic check processing is not always favored over traditional checks
Check writers create register bottlenecks
By Jean McDaniels

While a lot of people are now using other payment methods instead of checks, refusing to accept check payments wouldn't do your business any good. 

Despite the numerous advancements in the payment processing industry and the significant decline in check payments, there are still a large number of consumers who prefer to use checks in most of their transactions. So, while a lot of people are now using other payment methods instead of checks, refusing to accept check payments wouldn't do your business any good.

Accepting checks payments – The pros and cons

There are a lot of reasons why most people are now using other alternative payment methods instead of checks. For one, there is nothing more cumbersome than having a customer fumble for his or her checkbook and writing a check at the checkout line. Needless to say, it may create a bottleneck at checkout and upset your other customers – a situation that may result in fewer sales.

In addition, check payments carry a significant risk to the merchant. Unlike credit and debit cards that can be verified right on the spot, there is no way to determine whether the check has enough funds to cover for the transaction. As such, you can say that you are taking a leap of faith when accepting paper checks for payment.

Considering the fact that not many people use paper checks anymore and that accepting them slows down your service and puts you at a greater risk for fraud, is there any reason why you should still consider accepting them? Well, you may not believe it but there are a number of good reasons why you should. Here are some of them.

They don't cost anything to use. Unlike other electronic payment methods, personal checks do not cost anything to use. With plastic, you are obliged to pay a certain percentage for every transaction while you can keep 100% of your profits with checks.

Refusing check payments can affect your profits. Refusing check payments can result in losing your older patrons. Are you willing to risk it?

You can always convert them to electronic checks. Thanks to the advancements in the payment processing industry, that paper check your customer just paid you can now be converted into an electronic check. With electronic check conversion, you can process payments more quickly and receive your funds sooner. In addition, the process is relatively easy to set up, entails lower processing costs and reduces the potential for error and fraud.

By leveraging the power of electronic check conversion, you can be sure that your transactions are 100% safe and secure. It uses 128-bit encryption, secure sockets layer (SSL) and a number of authentication services such as digital signatures or digital certificates and public key cryptography to make sure that the person providing the account information has the authority to use the account.

Without a doubt, electronic check conversion can bring a lot of benefits to the table – especially if you choose a reputable payment processing company such as PayMeSecure to convert all those paper checks into electronic checks. With electronic check processing, you will definitely get all the help you need to accelerate the growth of your business. That's a guarantee!

About the author: Jean McDaniels has owned a quick mart for the past 7 years, but recently took a leap of faith with a food truck business of selling burritos. He has found success with using PayMeSecure’s wireless services to help with credit card processing for his business.

* Image license: Woodsy; RGBStock.com royalty free 

1 comment:

  1. Since I’ve been using the services provided by BottomLine Pros LLC for my clinic in Singer Island,FL, payment processing has been much easier. Over the past 4 years, I found the team at BLP to be very responsive and helpful in suggesting ways to make our system more efficient and hassle free. I strongly recommend them for any business that needs help with payment processing. Visit their website today at http://www.bottomlineprosllc.com you won’t regret it.