|  Electronic Checks / ACH
Did You Know?
10 million households without credit cards are online
74.6 million Internet check transactions in 2011
 What is Electronic Check Service?
Four Reasons to Accept Electronic Checks
Features and Benefits
What is Electronic Check Service?
Electronic Check Service is a Free Merchant Source payment service that allows online and traditional merchants to accept and process electronic check payments -- either directly from their website storefront or through the QuickCommerce Virtual Terminal.
Electronic Check Service makes it easy for online businesses to add an electronic check payment option to their Website. Customers who wish to pay for a purchase with an electronic check can simply select the electronic check option and enter the requested bank account information. Electronic Check Service encrypts the data using SSL 3.0 encryption technology and transmits it to the secure server for posting. Transactions are automatically settled each day. Then the system debits the consumer's account via the Electronic Check Service * and transfers the funds to the merchant's account. If the account numbers are entered incorrectly or the account has insufficient funds, the Electronic Check Service system notifies the merchant.
Four Good Reasons to Accept Electronic Checks.
1. 89% of U.S. adults have a checking account
2. 86% of all business payments are by check
3. 83% of all consumer bills are paid by check
4. 80% of all non-cash payments are by check
There were more than 450 million Internet check transactions in 2003. FreeMerchantSource allows merchants to debit their customer's checking accounts for products and services without ever having an actual physical check! Customer authorization can be by written authorization, check by fax, or recorded verbal authorization.
Cash still accounts for the vast majority of all purchases. However, paper checks are a close second. Even in an age of electronic banking and online commerce, the paper check accounts for nearly 75 percent of all non-cash transactions in American business today. Free Merchant Source Electronic Check Processing converts a paper check into an electronic payment at the point of sale or elsewhere, such as when a company receives your check in the mail.
Traditional merchants without commerce-enabled Web sites can also use Electronic Check Service to handle periodic billings. Businesses such as health clubs, tanning salons, subscription services, ISP's, membership companies, and health care practitioners are typical examples of businesses that need the ability to periodically deduct funds from their customer's checking accounts. Of course, customer approval is always recommended, and merchants must sign a separate Electronic Check Service agreement to perform these types of transactions.
* The Electronic Check Service is the electronic network which transfers and clears funds between banking institutions on behalf of merchants and their customers. Each transaction takes approximately 48 hours to clear, and we strongly suggest that merchants wait five days from the initial transaction date before shipping any goods. This leaves two days for payment processing to debit the consumer's account, two days to deposit the funds into the merchant's account, and one day for the bank to post the transaction. Because of this unavoidable delay, Electronic Check Service should not be used by merchants who sell soft or digital goods that are normally downloaded immediately upon completion of the sale.
Features and Benefits
- No Credit Turn Downs: Regardless of previous credit history
- 100% Financed: No large out-of-pocket initial investment
- Fast Turnaround: Electronic check funds are transferred into your account within 48 hours
- Access and process transactions anywhere around the globe where you have Internet access
- User friendly, easy to use program
- Solution for automated processing of Internet merchants
- Electronic Check feature - transfer funds directly to merchant's bank account
- Handles recurring monthly payments from check accounts
- SSL security (best on the Internet today)
- Reporting capabilities accessible via the Internet
- Authorizes electronic check transaction within 5 seconds and emails customer's order to merchants for fulfillment
- Encourages impulse buying on the Internet
- Converts your web site from an electronic brochure to a commerce-enabled virtual storefront
- Merchants credit card processing order form can be setup to have the same look and feel as their e-commerce site
Merchant accounts can help a businesses increase sales 500% or more each year. We offer a direct merchant account with a fast approval and NO COST - LOWEST RATES - LOWEST FEES to set up. Click below to apply for your FREE MERCHANT ACCOUNT TODAY! No, there is no fee for processing your on-line application. We will meet or beat your existing rate or we will send you $100.00*
Get Your Free Merchant Account Today
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* must provide previous processing statements for review and verification |
