Business Check Processing Makes Funds Settlement Faster
Just like cash-based payment methods are now less preferred for payment and the usage graph is going down. Same is with the paper checks. Since 2012, the usage of paper checks among businesses are reducing 3% every year. This is now revolutionized with an Electronic check. An electronic check is used to transfer funds among two parties/ businesses as same as in the paper check method. In fact, because there is no paper required, this makes it cheaper and faster to process the digital check payments. Now with Quadrapay, you can apply for Business Check Processing solution for your business where we will assist you in getting the best processing solution to maximize your benefits.
How Does Electronic Check Processing Works?
A business merchant only requires to have a stable internet connection, an Echeck merchant account and a Scanner to scan checks. Echeck processing makes it easier to transfer funds among other bank accounts. The procedure is also simple and straightforward. A customer needs to select the Electronic check as a payment method during checkout, and further, they will be required to provide bank account details and routing number in the payment page. All these information provided by the customer get encrypted with the help of tokenization technique, and all these set of information will be sent to the electronic check processor. At this stage, all the information provided will be validated under the guidelines and protocols of fraud prevention methods like customers identity evaluation, risk of the transaction, and customer also needs to authorize the transaction. The update on the transaction is provided to the merchant with notification of either approval or decline with a reason as well. In case of an approved transaction, the funds get settled into the business check processing account.
What Are The Benefits Of Business Check Processing?
There are a lot of payment methods available in the payment industry. But still, they are divided in terms of reliability and nature of the transaction. Credit card payments are one of the most preferred payment method among customers across the globe. But still, when it comes to paying a large amount of transaction or transfer funds among other bank accounts, an electronic check method is highly preferred. Echeck processing offers great availability, reduced risk of transportation and costs, faster speed rate of funds transfer and settlement, transactions can be easily monitored without any charge and also there is no need for a check writer authorization.
What Type of Businesses Can Take Benefit Of Echeck Processing Solution?
Through Quadrapay, you can easily take the benefit of Echeck/ACH processing solution for your business. We have prepared a list of business industries that can take advantage of better processing and rates with the help of integrating business check processing in their diversified payment methods. Some of the business industries are as follows:
- Auto accessories and parts production/distribution industries
- Adult industry and novelties
- Electronic Vapes
- Water purifiers
- Auction services
- Electronic cigarettes
- Large ticket furniture selling
- Booking for flights, concerts, excursions
- Expensive jewelry selling
- Designer fashionable fabrics or clothes
- Guns and Firearms selling
- Super luxury products and services, like a private jet and travel
- Precious metals and coins
- Multi-level marketing business and direct sales
- Sports betting or gambling
- Tech support services
- Gaming industry
- Drugs and Nutraceuticals
- High-ticket electronics item selling
- Cigarettes, cigars, pipes, and other smoking-related accessories
- Collectables and expensive antiques
- Packers and Mover companies
How To Get Business Check Processing With Quadrapay?
A business merchant needs to fill the merchant application form mentioning all the asked details as in the form. This merchant application form needs to be submitted along with the set of KYC documents so that you can have a seamless onboarding procedure for business check processing solution.
For more information on business check processing, you can mail us at [email protected].