In the past, check writing was a common method of paying bills and transacting business. While not as common as they were in the past, they are still a viable option for collecting money owed to you. In fact, the more methods you offer your customers to pay, the more profitable your business will be. It’s a fact. People like doing business with companies that accept a variety of payments from major credit cards to ApplePay, GooglePay, SamsungPay, PayPal and even Venmo is gaining popularity.
We have seen a number of merchants who have implemented policies that prohibit consumers from paying by check. The reasoning behind this ranges from experiencing too many bounced checks to the length of time it takes for a check to “clear” the bank or even the time spent driving to the bank to deposit the check. There is no doubt that checks are much riskier to accept. Perhaps merchants making this decision are unaware of online ACH check processing. Chosen Payments offers ACH Check Processing and it is easier to obtain than most merchants think.
Boost Your Sales
The economy is clearly improving and merchants need to accept payments of all types. A great Merchant Services Provider (MSP) will help you identify the best payment and transaction methods for your particular business including ACH Check Processing, Point-of-Sale systems, Checks By Phone, Check Guarantee programs and of course Credit Card Processing. You should have a close working relationship with your MSP and consult with them regularly about how you are transacting business and the concerns you have. From recurring payments to online invoice payments, Chosen Payments can help you decide what is best for you.
Improve Fund Availability
We mentioned that a few concerns of accepting checks are the fact that funds are not always available at the time you deposit them and someone has to take them to the bank. If the bank places a hold on a $10,000 check and you need to replace your inventory due to the $10,000 sale, you could have to wait as long as five days to have access to that money. Remote Deposit Capture eliminates the need for someone to deliver a paper check to the bank. With Remote Deposit Capture, the deposit is processed remotely. Electronic Check Conversion can also be a beneficial tool. It transforms a paper check into a paperless transaction. Funds are electronically transferred from your customer’s bank account into yours eliminating the risk of a bounced check or the need to wait for a check to clear. For more information about ACH Processing, speak to your Account Executive.