There are many benefits to using eChecks and Direct Deposit services.
eChecks enable merchants to capture online sales from consumers and businesses. By offering eChecks as a payment option, businesses are able to serve the 89 million US households that have checking accounts, including the approximately 10 million that do not have a credit cards. eChecks are also well suited for recurring payments such as monthly fees and memberships.
After providing an eCheck payment option to their customers, web-based merchants have reported incremental sales as high as 20%.
Customers appreciate having payment options. Merchants meeting this demand create convenience for their customers, resulting in greater customer satisfaction.
Since an estimated 40% of all consumers have neither a credit card nor access to a credit line, offering electronic checks as a method of payment is an attractive alternative and facilitates faster online sales.
Offering more payment options to customers gives them the convenience and flexibility to choose their preferred payment method. 20% of online transactions are check-based. When merchants market their eCheck acceptance, their customers often prefer this payment option.
Funds from ACH payments arrive more quickly than paper checks. These early and on-time payments improve cash flow.
eChecks are the lowest cost transactions to merchants versus other forms of credit and debit payments. Paperwork, hassle, and potential fraud risk are reduced, resulting in significantly decreased administrative costs.
