25 Jan How to Accept Check Payments Instantly?
Although the use and acceptance of credit and debit cards are on the rise, there are still many people who choose to pay by check. As a merchant, you always want to provide a comfortable and convenient experience for your shoppers. Accepting credit and debit cards is simple and straight forward when they are done through your existing merchant accounts. The challenge for some merchants comes in identifying how they can accept checks through an instant transaction in which the check does not have to clear in order for the funds to be transferred.
Accepting Checks in the Manner You Accept Cards
Through a diversity of credit card processing merchant accounts, you can have the capacity to not only accept checks, but conduct immediate transactions. What this means is that instead of simply getting an approval through a check approval agency, which only warns of the potential of a check returning due to insufficient funds, you can now scan or swipe checks through your merchant account, allowing you to have immediate access to the issuers bank account.
Much in the same way that you would swipe a debit card and have immediate access to funds, you will be able to accept checks while alleviating the two to three day waiting period that is normally associated with accepting checks. These methods of acceptance allow you to have the s immediately transferred from the shoppers account to the processing account where they will be transferred to your account based on your existing agreement with your processor.
Choosing the Right Processing Company
The key to effectively accepting checks is in choosing the right card processing company. There are many to choose from, but like everything else, they are not all created equally. The right company will be able to provide you with a seamless process for accepting credit cards, debit cards, and checks. Their processing rates will be in line with the industry standard, and they will have a strong customer support system that will help ensure that all challenges that arise will be dealt with in an expeditious manner.
The inability to accept checks can mean a significant loss in potential revenue. Opening credit card processing merchant accounts that facilitate the immediate acceptance of checks will ensure that you are able to create a customer experience that will not only allow you to close the immediate sale but initiate a process that leads to customer loyalty.