Taking payments over the phone or through your shopping cart go beyond just offering your customers the option to pay by credit card like most merchant accounts do. Merchants that want to offer their customers an alternative to paying by credit card over the phone, by mail, or online through their shopping cart would be wise to consider an ACH eCheck payment solution. Many merchants don’t realize how valuable it is to have an ACH eCheck solution and thus solely rely on accepting credit cards. In addition, many merchants don’t know what to look for when choosing and selecting an ACH eCheck payment solution.
Gone are the days of waiting for your customer to mail you a check and then opening the check and going to the bank to deposit the check and then waiting for it clear. Smart merchants realize that their time is valuable and spending hours, days, and months chasing accounts receivables is clearly not the best use of their time.
It’s easy for your customer to pay by ACH eCheck. Besides them providing their standard information that they would when paying by credit card when paying by ACH eCheck the only additional information they provide or enter is their bank account number and routing number.
Some reasons why merchants should consider offering an ACH eCheck payment solution are as follows:
- Save on fees and get better terms!
ACH eCheck payments cost less than accepting credit cards that can result in significant savings. When compared to high-risk credit card processing ACH eCheck typically provides better terms (e.g. no reserve, faster payouts, lower transaction and monthly fees.)
- Protect and safeguard your revenue stream.
What happens when your credit card solution gets shut down or terminated or fails to work properly? Typically when that occurs merchants lose hundreds or thousands of dollars per day because their customers can’t make payment. Getting approved for a new credit card solution can take weeks or months and in some instances years. Customers don’t want to be inconvenienced in having to mail in a check or wire money.
- Increase your customer base.
Some customers don’t have a credit card and just have a bank account or possibly prefer to pay by check.
What to look for in ACH eCheck payment solutions is important.
Look for an ACH eCheck solutions that:
- Provide a user-friendly virtual terminal and one that allows easy integration into your shopping cart or check-out page.
- Process and clear all customer checks through their our own clearinghouse so that your banking relationships stay in place. This type of solutions also helps you avoid dealing directly with rejects, overdrafts, and bounced checks against your own bank account. This helps you avoid bank scrutiny, bank account closure, or additional underwriting performed by your bank for processing check payments.
Avoid ACH eCheck solutions that:
- Don’t use their own clearinghouse but instead, they use the merchant's bank to perform the processing and clearing of the ACH eCheck payment. or they
- Just make a copy of the check electronically and either deposit the actual check into the merchant's bank account for processing and clearing or send the merchant a copy of the check for them to deposit into their bank account.
- Put’s you at risk of getting your banking relationship terminated or scrutinized because they put the risk and burden on your bank to process and clear the check payments.
At Moneck Payment Solutions we offer the right type of ACH eCheck solutions that you will want for your business. Our solutions can increase your revenue, save you time, and reduce your liability.
Our ACH eCheck solutions are available for both standard-risk and high-risk merchants. Our ACH eCheck payment solutions process & clear all check payments through their own clearing house providing you with only the upside of receiving cleared cash deposits for all your sales and keeping your banking relationship in-tact.