Top 7 Reasons to Accept Checks Online

Many companies question the need to accept checks online when credit cards seem to be the obvious choice amongst available online payment options. Discover the usefulness of the e-check before you decide against one more option for your online customers.

Top 7 Reasons to Accept Checks Online:

1. Speed: Checks accepted online are processed before paper checks. This gives merchants accepting checks online the benefit of skipping the delay typically associated with accepting checks as payment.
2. Reduced Payment Processing Expense: Payment processing fees for e-checks are substantially lower than those associated with the processing of credit cards.
3. Increased Cash Flow: Accepting checks as online payment decreases the chance of unfulfilled payments because the e-check is an automatic debit to the customer’s account.
4. Convenience: Consumers get comfortable using certain payment methods. The best way to keep all your consumers comfortable is to offer multiple payment methods for their convenience.
5. Predictable Revenues: Depending on the business, product and/or service, accepting checks online allows the ability to set up an automated payment schedule; resulting in regular/predictable income for the company.
6. Lower Administrative Costs Save Money: Accepting checks for payment online can cut back on invoicing needs, collection services, accounts receivable follow-up, etc. which all leads back to a decrease in administrative costs for the company.
7. Multiple Channels for Order/Payment: Accepting checks online means the company has the ability to accept checks as payment by phone, fax or mail order as well. Additional options mean increased opportunities for purchase and an inevitable increase in overall sales.

The beauty of accepting checks as online payment isn’t that they’re all-around better than any other method of payment. The beauty is that they are another viable option to provide online customers. Offering additional payment options typically leads to an increase in overall sales as a result of increased customer trust in the company, increased convenience for the paying customer, and/or increased number of outlets through which orders can be made. It’s a simple matter of making it easy for the majority of people to pay for your products and/or services.