The fastest and the best way to pay for something you buy and to pay for your bills online is through credit cards. However, due to the widespread credit card information security breach, this way of paying and accepting payments online has become so risky. The good news now is that aside from credit cards, businesses also accept other payment methods. One of which is online check processing.
Online check payment processing allows businesses and online retail stores to accept payments from their clients in as fast as 60 seconds. It works in close collaboration the same as credit cards. Check processing services also help businesses get rid of that bulky voucher. It helps business to efficient process online payments. More to that, if businesses offer more effective payment methods, the more they can cover their overhead costs and the earlier they can gain profit as compared to their competitors that offer less efficient payment methods.
Checks by Fax
Checks by fax or checks by phone are just almost the same. Both allows businesses to accept checks instantly using fax, internet or phone. It allows business owners and merchants to get access to the secured automated clearing house where check payment processing takes place.
Benefits of using online checks processing
A lot of people may ask why should they bother using checks by fax, checks by phone or other online checks processing methods and why should they choose it over credit cards. To answer these questions, here are some most significant benefits you may receive when you use online checks processing.
- The transaction cost for online checks processing is merely half of the amount you will have to pay for credit card processing.
- It allows businesses to ACH accept checks online from clients who do not have the credit card.
- It eliminates the mythical use of the voucher, thus helps companies save on mailing and invoicing.
- You are a couple of steps ahead of your competitors who only accepts credit card payments.
- Your essential personal and account information are safer and more secure as compared to that with credit cards.
- With check by phone or by fax processing and other online checks processing, you will not need to deal with chargeback’s like that with credit cards.
- Online check payments, checks by phone and checks by fax all allow you to save time and money that you typically need to invest when processing physical checks.
- It can help you handle payments in a more efficient way, thus allowing you improve your business cash flow.
- If you are accepting monthly payments from your clients, you can receive the payments on time.
- With online checks processing, you will not need to wait days and weeks for the physical checks to be mailed.
- You can be able to deposit and get access to your funds faster as compared to credit cards and physical check processing. As a matter of fact, you can already see your funds reflected on your account in as fast as 48 hours or less.
- With online checks processing, you can also collect and quickly identify past due accounts.
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