BBBMerchant Account Providers - Accept Credit Cards Online

Using Echeck Processing For Businesses
In today's electronic society, many businesses are taking advantage of credit card payments as a way to receive money quickly and efficiently. With a credit card payment, business owners do not have to worry about whether or not a check will clear, or wait for funds to be deposited into their bank accounts. However, some consumers do not carry credit cards, so now merchants, both online and offline, are turning to echeck processing as a way to allow those customers to pay using their checkbooks, while still putting the money in the merchants' hands quickly.

With echeck processing, a customer's check is processed electronically by sending the account information to an echeck processing service. The service then presents the check to the Automated Clearing House to verify the funds. Once funds are verified, you receive your money in your bank account electronically. The process takes about two or three business days to complete.

When you are set up to receive checks electronically in an offline business, you will be given software for your POS terminal. This software will allow you to scan a check to see if it is fraudulent. If it is not fraudulent, the POS machine will then scan the check to create an image of it to send to your processing service. This image is what is used to transfer the funds. You will give the check back to the customer with a "VOID" stamp on it. Echeck processing for online businesses allows customers to enter their account information in a secure environment to pay with their checking accounts, rather than with a credit card. Either way, you are allowing those customers who do not carry credit cards to pay for their merchandise, while at the same time giving yourself your payment much quicker than with traditional check processing measures.


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