Check Processing For Small Business And Its Impact. Explained By Quadrapay Expert Ritik!
Be it a Small or a Large scale business, payment processing services is required by all types of businesses. In this digital era of payments, paper check payments are no more in trend. However, for small-to-medium sized businesses (SMBs), getting a perfect payment processing solution is still a hectic task.
The clusters of Small Businesses majorly constitute the world economy. However, at the same time, payment processors or the bank in which they have their respective bank accounts show reluctance for providing them with a proper payment gateway. In this way, they are unable to accept credit cards, process debit cards or others. Accepting checks (physical/paper) has become a conventional method now. Credit Card payments are something desired by everyone these days, but privileged ones are only a few.
Let’s see it with a scenario in which a small business owner processes check payments.
After studying Fashion Designing in 2015 from XYZ Fashion University, Rachael worked with a renowned fashion brand. However, she was not satisfied with what she was doing as her dreams were big and feathers were ready to take a more higher flight. She wanted to set up her own fashion brand. She took the way her dream dragged her and finally she started her online fashion store. Everything was set. Her fashion designing skills brought a revolution in the fashion industry, and her collection was actually drawing the attention of fashion lovers. However, the problem she was facing was to get a proper channel for accepting payments from her customers. She approached various agencies for providing her merchant services to process debit/credit card transactions. Since she was new in the industry and owned a small business, her request was rejected most of the times. Some of the merchant account providers accepted her request but on very high processing fees and delayed payments.
Fortunately, Rachael came to know about Electronic Check (eCheck) and ACH payments. It was all in her favour. Her sale boomed up because of eCheck gateway for her online business.
Merchants or a business owner can benefit from eCheck (Electronic Check) processing in many ways. We at QuadraPay.com work with numerous payment processors that serve small businesses and let them process eChecks and ACH payments. Our premium eCheck payment processing solutions will help you increase business revenue, reduce chargebacks and customer disputes. QuadraPay is an ideal choice for Small Businesses, Large-Scale Businesses, high-risk merchants searching for affordable check payment processing.
eCheck processing has enabled merchants or service providers to electronically transfer funds directly into their bank account from a client’s or customer’s bank account, using the Automated Clearing House (ACH) system.
eCheck reduces a merchant’s bank trips. Whether it is Small or a large scale business, now they can also enjoy speedy fund deposits. eCheck processing doesn’t require any check deposit slips. It also minimises the risk of getting the checks stolen or lost prior to the deposit.
Are you a merchant working out of more than one location? eChecks can help you by converting at each location and funds centralised in your one main business account.
eChecks- How it works?
eCheck payment can also be termed as a simplified check cashing. Opting an eCheck gives you a hassle-free and low-cost process of getting faster payments. It has now become an extremely important payment service for small and large scale merchants.
The eCheck processing begins the moment a customer writes a paper check at the point of sale (POS). With the help of an imager or reader, the clerk runs the check through it. The imager captures all the required data like routing number or the number marked to know the financial institution, account numbers and check. The next step is to enter other details like merchant-related data to finish the one-time e-payment processing from the target bank account.
The check verification is done or is guaranteed by the provider on the basis of the agreement between the merchant and the target payment processor.
How much time is taken to Clear and Process an eCheck (Electronic Check)?
With a slight difference in time between different providers, generally, funds collected by an eCheck gateway are verified within 24-48 hours of the transaction being initiated.
In this way, it can be said that eCheck processing for small business is one of the best options for accepting payments. QuadarPay will help you with getting an eCheck payment gateway for your business. Lastly, I would like to say that Rachael is a Small Business Owner. She opted for the eCheck payment gateway for herself. Rachael is smart. Be like Rachael.