Most businesses need a number of ways for their customer to pay, the more ways the more sales you make. High-risk merchants that need to receive payments are finding difficult to obtain merchant processing accounts and maintaining low chargebacks. As a result, E-check processing is becoming the most preferred and popular alternative payment method being used by both low and high risk merchants alike.
Traditionally, credits cards represented the most popularly and conveniently used payment methods. ACH was the technology commonly used for processing electronic checks but the new technology which is based on Check21 Law has made E-checks increasingly popular among the offshore merchant and traders. The E-check 21 items are cleared and processed through bank-to-bank fund transfer. Now, as these transactions do not process through ACH network, they provide a greater flexibility in a number of allowed returns and revoked transactions.
Nowadays, if you are not offering your customers E-check processing, then you are losing sales from those who do not have credit/debit cards or have exceeded the limit on their cards. There are also some customers who prefer to make payments through a direct debit from their bank account. In addition to this, there are various reports and surveys that suggest, merchants who accept e-checks have reported a boost in their sales by up to 20%.
Lastly, offering only cards as a payment method on your website is now no longer a sufficient way to grow your sales. In order to exceed over your competitors, it is very necessary to diversify your payment methods and add E-check processing to your high risk merchant processing services.