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An electronic check, or eCheck, is an electronic version of a paper check. eChecks have been around for many years and are tried and trusted. Over the past ten years, electronic payments have replaced paper checks as the preferred method of payment.
Consumers are looking to make payments that are secure, fast, and efficient, and with instant gratification becoming more of a driver, mobile optimized sites and payment apps are becoming increasingly popular. Global mobile payment transactions will skyrocket over the next 5 years, surpassing $1.3 trillion by 2017.
TOP 5 BENEFITS OF ACCEPTING ECHECKS
1. Reduce Processing Costs
Processing eChecks is generally much cheaper than processing paper checks or credit card transactions. A small transaction fee covers your entire transaction with no additional processing fees. Fees are lower because eChecks require less manpower to process.
2. Receive Funds Sooner
eChecks are extremely convenient and the money arrives in your bank account within 2 business days. That's almost twice as fast as with traditional checks. Plus you no longer need to drive to the bank to make deposits or experience the hassle of endorsing the backs of paper checks.
3. Increase Customers’ Options
Adding the option of an eCheck to your businesses’ accepted methods of payment expands your customers' payment options. With eChecks, you can transact with customers who are physically close to you, as well as those who are in different states or countries. With no additional expenses and easy payment, this can lead to increased sales.
4. Avoid Chargeback Risks
Once your eChecks have cleared, you retain complete control of the funds with no chargeback risk. This is great for damage deposits, reservation deposits, and more. Furthermore, there's a lower risk of fraud or errors because fewer people handle eChecks than traditional checks. eChecks are also more secure due to the fact that merchant service providers maintain, monitor, and cross reference files against accounts with previous records of fraud.
5. Setup Easily
eChecks can be seamlessly accepted on a unified platform along with debit and credit cards. Electronic check conversion is easy to set up and relies on the trusted ACH network.
TIPS TO START ACCEPTING ECHECKS:
If you're interested in offering eChecks as a form of payment, follow these implementation tips:
- Choose a well-known and trusted processing company. Good pricing should be secondary to reliability and security.
- Let your customers know that you will begin offering eChecks. A business is required by federal law to post a notification about this change and provide customers a copy of the notification.
- Choose a processor that seamlessly aligns with your current business processes and practices.
- Offer discounts for cash versus credit.
- Use eChecks for initial deposit or final balance due.
- Train your employees to gently suggest eChecks over credit card payments.
VacationRentPayment, powered by the YapStone payments platform, is an online payment solution specifically tailored to the needs of the vacation rental industry. By delivering the convenience of electronic payments for vacation rentals, VacationRentPayment has become a go-to payment solution for property managers, owners and their guests. Learn more:
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