eCheck processing from Electracash enables merchants to capture online and other sales from consumers and businesses in the US and Canada. In addition to increasing e-Retailing sales, eChecks are also well-suited for recurring payments such as monthly fees and memberships.
Electracash processes eChecks through the Automated Clearing House, a banking network established in the 1970's to create efficiencies and reduce paper in check processing.
Benefits of Offering eCheck Acceptance
By including eChecks as a payment option, businesses are able to serve the 87.3% of US households that have checking accounts1, including the approximately 25.7 million U.S. households that do not have credit cards2.
[Statistical sources: 1 Aizcorbe, Kennickell, and Moore 2003. 2 Nilson Report, April 2009]
Following are some of the benefits that accrue to merchants affording their customers the opportunity to pay with checking accounts online:
- Expanded Payment Options - Offering more payment options to customers gives them the convenience and flexibility to choose their preferred payment method. When merchants market their eCheck acceptance, their customers often prefer this payment option.
- Incremental Sales - Upon providing a Check Debit payment option to their customers, merchants have reported incremental sales as high as 20%.
- Strengthened Customer Relationships - Merchants meeting their customers’ demands for payment alternatives create conveniences for their customers that result in greater satisfaction.
- Improved Cash Flow - Funds from ACH payments arrive more quickly than paper checks. These early and on-time payments improve cash flow.
- Reduced Administrative Costs - eCheck acceptance is a lower cost transaction to merchants versus other forms of payments (e.g., credit and debit cards, PayPal, Bill Me Later).
- Lower Processing Costs - Paperwork, hassle, and potential fraud risk are reduced with Check Debit/ACH, resulting in significantly decreased administrative costs.
Features
Electracash automatically applies a range of services to facilitate clean, accurate, and secure processing for eChecks. These include:
- Payment Management – offering options in the types and timing of payments required by the merchant
- Returns Management – providing useful reporting and accounting for eChecks that have been returned unpaid by the bank
- Notification of Change reporting – enabling more efficient account management for the merchant
- Reporting and Support – allowing 24/7 access to the status of transactions and funds
- Fraud controls – cleaning, monitoring, and managing data and users to reduce returned items and fraud
Find out more.
Optional Features
Electracash offers services for merchants with specific needs, which can be implemented at the merchant’s option. These include:
To find out more about these options features, just click on the feature.
