In recent years, the digital revolution and the advent of mobile and online shopping has inspired consumers to use electronic methods of purchase at an unprecedented level. More traditional purchase methods such as cash and paper checks have become less popular as more and more consumers prefer the ease of credit card processing. However, consumers and businesses alike are taking advantage of electronic check processing as a method of bridging the gap between paper checks and credit cards.
With the rise in popularity of electronic check processing, it is essential that your business secures an electronic check processing service that offers speed, security, and ease of use. Vortex Solutions is proud to provide electronic check processing to complete your payment processing suite.
How Does Check Processing Work?
Electronic check processing functions in the same way as paper checks, transferring funds directly from one account to another without the need for the exchange of paper. Once the customer initiates payment with an electronic check, they must enter their account number, routing number, and name. Vortex Solutions’ payment gateway utilizes our fraud detection features to ensure the customer authorizes the transaction using voice authorization, or the origination site’s terms and conditions.
After processing, the payment is either accepted or declined, which results in merchant notification. Once approved based on the status of the payer’s account, funds appear automatically in the recipient’s account. Automatic processing benefits both merchant and consumer
Why Utilize Electronic Check Processing?
Electronic Check Processing through Vortex Solutions offers a variety of benefits to both consumer and merchant. Some of the benefits include:
- Speed. The primary benefit of electronic check processing is the sheer speed of the transaction. Funds are available immediately, and with fewer restrictions than with Automated Clearing House (ACH) transactions, which can take up to seven business days to clear.
- Security. The transaction remains secure, with fraud protection in place for both sides, and can be monitored online by either merchant or consumer. Vortex Solutions’ top of the line security and encryption procedures ensure safety for both parties.
- Cost. Electronic processing takes place without the additional costs and risks of transporting physical payment methods. The transaction is typically much less expensive for merchants, and you can pass this savings on to your customers as well.
- Error-Free Processing. Merchants are not required to enter the customer’s information to initiate processing, and the check processing system will not allow the user to proceed without entering an existing bank account with the correct information. For future transactions, the system will securely store consumer information for easier processing.
- Variety. Offering your customers a variety of payment options can serve to increase your sales and build consumer confidence. This safe, secure method of payment is preferred by many potential clients who choose not to carry case or own credit cards.
- Seamless interface. Electronic check equipment and software from Vortex Solutions offer an easy transition between accepting multiple forms of payment. After payment, your system can generate paper or electronic invoices, just as it would with our credit card services.
Are you ready to explore the benefits electronic check processing can bring to your business? Or, perhaps you’d like to learn more about our comprehensive merchant services. Reach out to Vortex Solutions for more information regarding implementation, or schedule a consultation today