With the advent of digitalization, payment methods have gone digital globally. It’s a no-brainer to opt for these services as they are reliable, hassle-free, and secure. Hopping onto the digitalization bandwagon, the USA is a hub when it comes to electronic check payment.
Wondering why? Keep reading to understand why eChecks have emerged as such a massive trend.
Accepting payments via electronic check system allows new businesses to operate internationally and accept payments. If you’re planning to set up a business, electronic checks come in handy when you want your customers to have a straightforward and seemingly effortless payment mode.
We’ve listed the crucial reasons that account for the rising popularity of eCheck payment processing companies.
Electronic checks reduce the total time one needs to wait before getting the payment cleared. Unlike traditional methods, your account gets credited within seconds of processing the payment. This process allows businesses to keep payment delays at bay.
If a customer doesn’t have to pay high additional costs to make a transaction, it’s highly likely that they’d feel less hesitant. This translates to better payment opportunities for businesses as customers now have a way around the typical 2-4% transaction fee.
Managing payments is often arduous in a business environment. eChecks system allows senders to skip the hefty sign-up process and send out the money instantly. This results in massive improvements in terms of convenience.
Now that you know why eChecks have taken the US industry by storm, let’s pay heed to different ways to transfer funds using an eCheck.
This method allows the customer to pay via echeck processing while checking out on a website. One needs to add the selected products into the website’s cart and proceed to the checkout option. Herein, choose “eCheck” and provide payment details to make the transaction.
This method uses tokenization to safeguard sensitive payment information. A customer needs to head to the virtual platform to provide all the required bank details. After that, the funds get transferred by the payment processor as per the customer’s details.
This way, businesses can email the payment request link to their customers. The payment gets processed once the customer provides the bank details and then submits.
Being paid over the phone allows several businesses to operate without setting up a comprehensive online portal. Once the payment terms are agreed upon by the customer and the merchant, details can be filled using the MOTO service to carry out the payment.
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