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If your business accepts check payments from customers, you might have become accustomed to long waiting times. Lengthy verification and processing times are quickly becoming obsolete, and modern businesses are always looking to get paid faster.
Paper checks are often one of the most insecure forms of payment. A 2017 study showed an astronomical 74% of participating companies reported check fraud. You don’t have to worry about numbers like this with encrypted online payments.
Despite all this, checks are often a necessity for some people and businesses. Since checks are here to stay, businesses have to adapt them to the modern era. That’s where eChecks come in. eChecks offer all the advantages of paper checks without the paper and security risk. All you need is a payment processor that translates checks to a digital platform.
Fast payment processing technology is available, but how can your business implement it? Read below to learn the key points you should look for in your payment processing service so your business can get paid faster and easier.
Qualities of an Effective Payment Processor
If you’re shopping around for a payment processor, make sure you consider these features.
- Opt for instant check verification
Verification solutions determine whether the payer has sufficient funds in their bank account to cover the check and verify their account information for authenticity. Cheaper payment processing solutions can do this in several hours or a couple of business days, but for a slightly higher rate, you can verify checks instantly and get paid faster.
Take advantage of this feature and make sure you sign up for instant check verification with your payment processor.
- Set up eCheck Processing to deposit checks directly into your bank account
Once you’ve verified your check, fast payment processing technology via check processing allows you to get paid faster than traditional ACH.
SeamlessChex currently deposits to these major banking institutions:
- Amtrust Bank, Banco Popular, Bank of America, Bank of the West, BB&T Bank, BBVA, BMO Harris, Chase, California Bank and Trust, Capital One, Chase, CitiBank, Citizens, City National, Comerica, Fifth Third, First National Bank, First Republic, FirstBank, HSBC, Huntington, IberiaBank, Key Bank, M&T Bank, Navy Federal, Peoples, PNC Bank, Regions, Republic Bank of Arizona, Santander, Silicon Valley Bank, Space Coast Credit Union, SunTrust, TD Bank, Union Bank, US Bank, US Century, Wells Fargo, West Valley National Bank, Woodforest Bank
- Make sure your payment processing platform is cloud-based
You never know when you’re going to have to accept payment on-the-go. Your customers will also appreciate a variety of payment options. A cloud-based solution gives you a myriad of options to accept payment anywhere you can bring a device.
With cloud-based software, you can get paid faster via the web, phone, or fax. Through SeamlessChex, there’s no extra cost to use these services from any device, anywhere. No matter what situation you’re in, you can accept and send payment.
Discover Fast Payment Processing For Your Business
Paper transactions are soon to be a part of a bygone era. There’s no reason you should have to wait for ages for your customers to pay you with the technology available today. Ready to get paid faster? Take our quiz to find out which payment processing solutions are right for your business.