Electronic check processing software allows a business to quickly and easily accept payment by check over the phone. Many businesses are now taking advantage of this check processing technology. Checking over the phone is an economical and secure means of cashless payment. Taking checks online over the phone doesn’t require signing, discount, chargeback, and rental fees. There is no worry about expired or over the limit credit cards.
Now, paying by check is as easy as paying by credit card, only verification of customer details is required. Check production software is used by many businesses to speed up the payment process. All a business needs to get started is a computer, Internet access, a printer, and check stock. You can generate checks 24 hours a day, 365 days a year. The information you need to generate these checks is similar to that required for the physical check. In this, the customer gives the information relating to the account, name, address, check number, etc. by telephone. This information is then recorded in the system’s check processing software, and the check is generated using a laser or inkjet printer using magnetic ink. This check is now ready to be presented in the bank.
Traditionally, you have to wait for the arrival of the paper check, which was both risky and costly. But verification by phone is a fast and secure process for the following reasons:
1. The number of returned checks and bank charges have been reduced.
2. There is a quick account verification. Companies learn in real time whether funds are available or not.
3. It reduces transaction costs and streamlines your ordering process.
4. There are no more checks in the mail. Bill payments and overdue payments are collected over the phone.
5. If you accept checks over the phone, you will immediately increase your sales and cashouts as you provide an additional payment option for your customer. Almost 75% of Americans don’t have a credit card, so even these people can do business online.
6. There is an improvement in cash flow. Funds can be received within 48 hours.
7. There is a greater market opportunity through faster order processing.
8. A convenient way is provided to the customer. All overdue accounts can be updated.
Checks received over the phone are considered secure because all converted checks are verified, usually at no additional cost. However, if you use a check guarantee program in conjunction with your electronic check service, it will be better.
Source by Sharon Spears