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Issue: 58 - Oct 15, 2013
XCheck - Electronic Check Payments For The Future Of Your Business
By: Accelerated Payment Technologies
Accelerated Payment Technologies

As a business owner there’s a lot to keep up with. Not only do you need to do what you do and do it well, you also face the task of making decisions for how to best run your business, improve the customer experience, and maximize profit. Decisions about how to accept payments inform the critical moment when a satisfied customer experience transforms into revenue.

Technology has transported payment acceptance from a simple cash transaction to a variety of payment types that may represent credit payments or debit payments. Among the most common are credit and debit cards, but as check processing digitizes, electronic check options are available that have their own unique features and benefits.

The most obvious way to begin making sense of these payment types is whether or not a paper check is utilized by the consumer. Check present transactions cover in person transactions paid by check as well as check payments by mail. While paper checks are nothing new, they can now be scanned and “electronified” and then sent to process through the new digital networks.

Check not present transactions on the other hand are a break from the traditional concept of check payments and present new avenues for collecting payments. ACH transactions (as they are frequently known) can be pre-arranged for a specific amount and number of payments. They may also be one time debit authorizations given over the phone or online. In any case, the payee collects the routing and account number and makes disclosures to the customer. The business may also collect a copy of a cancelled check or a scan for its records. This second type of transaction is frequently in lieu of a credit card payment and the merchant fees to the business are substantially lower than for credit cards. Additionally consumers are frequently hesitant to sign up for electronic or recurring payments on a credit card, preferring to use their checking account instead.

These features make ACH transactions a great option for businesses that want to use recurring billing or that need to establish payment plans to facilitate collections.

Accelerated Payment Technologies, makers of XCharge, the industry leader in integrated card payments, is pleased to offer XCheck, an electronic check service with a wide array of options that can be utilized based on your business needs. XCheck can be used as a standalone feature or through the business software to which XCharge is integrated (check with your business software provider to see if they have integrated XCheck yet).

As these payment methods become more popular customers will come to expect them. Don’t get left behind. Call today to talk with a merchant specialist about the ways XCheck can help your business.

Call now 800.637.8268 and mention this article to waive the $50 setup fee.