Six Proven Tips for Successful eCheck Processing

So you are an online retailer, and you want to accept electronic check (or eCheck) payments for your business? It is definitely a step in the right business direction. After all, a large percentage of U.S. consumers do not own a credit card. By implementing eCheck payment processing on your website and giving all your customers ease, convenience, and more flexibility in online payment options, you will naturally widen your customer base.

When done correctly, eCheck processing can increase your sales by up to 20% and with far less risk of charges backs associated with credit cards. However, you should follow proven electronic check processing guidelines and avoid practices that can negatively affect your online business.

Here are six tips for successful eCheck payment processing:

1. Establish a merchant account.

A merchant account is the launching point for your online business. As a low-risk retail merchant, obtaining a merchant account is pretty straightforward: you visit your nearest bank and look for the best merchant account deal around. However, If your business is classified under a “high risk” category, you will need to find a payment processor who specializes in setting up high-risk merchant accounts.

2. Select an established and legitimate eCheck processor.

For your eCheck processing needs, choose a processor that has been long in the market. Settle with an electronic check processor who understands you and gives you the best competitive pricing package. Again, if you run a high-risk business, you need someone who specializes in high-risk eCheck processing.

3. Don’t rent an eCheck processing machine.

If you can, invest in an eCheck reader. It does not come with huge upfront costs, and you make considerable savings when you have your own electronic check processing machine.

4. Subscribe to additional eCheck processing services.

Additional eCheck processing services such as check verification can help protect you against a host of electronic check scams and fraud. It does not cost a lot to subscribe to the extras. 

5. Don’t leave check scrutiny and validation to your processor.

Some retail merchants with a point of sale environment accept electronic checks without scrutiny and leave the validation to their processors. Many errors could be prevented if the merchant will take the time to examine the checks, scan them with an eCheck reader, and then heed the message displayed on the equipment screen.

6. Draw up and follow sound business fiscal management.

Sound fiscal management means you spend less and save more of your profits, then invest it wisely. Any company that draws up more expenses than earnings is doomed to fail. And while on the subject of sound fiscal management, be sure to adhere closely to the terms of agreements with your electronic check processor. Failure to do so would result in the termination of your eCheck processing service and the potential closure of your merchant account. And that, indeed, would not be good business fiscal management.

If you are looking for reliable and affordable high-risk eCheck / ACH payment processing services, get in touch with Liberty Enterprises today.