If you own a retail store, you likely have an eCommerce site as well. If you do not, you should, but that is another discussion for another time. eCommerce websites help you sell items available in your retail location as well as items you may not stock on location, reaching a larger audience and giving you the ability to expand your profits. Many different payment methods are typically accepted through eCommerce websites. However, more and more retail owners are excited to accept E-Checks as a payment option on their eCommerce website. It is more cost-effective for everyone involved and is a great way to help customers who are not fond of credit cards or debit cards.

What Is an E-Check?

An E-check is an electronic check. It works just like a paper check, except no actual paper is used to create the check. In the past, if people wanted to pay with money directly out of their bank account,t hey either had to use a debit card or PayPal. PayPal required a person to create an account and link it to their bank account or credit or debit card to be used. E-checks allow you to use your bank account directly without signing up for another service or using a debit card as a credit card.

How Does Accepting E-Checks Benefit My Business?

Accepting E-Checks is growing in popularity with retail and eCommerce business owners. The question is why? Are people more willing to write a check if they don’t have to carry them in their wallet? Surprisingly, the answer is yes. Although very few people want to use cash or want to carry checks into stores, they are very willing to skip the interest rates on the credit cards and write a check electronically. In addition, it is sometimes safer to use an e-check than a debit card because it is harder to use stolen bank account information than it is to use a stolen credit card or debit card.

The question here is really more about you, the retailer. How does this help your business? The reality is that accepting credit cards come with high fees. Accepting PayPal also comes with significant fees, although customers can use their bank account or debit card for the transaction. And while a debit card transaction comes with lower fees than a credit card transaction, debit cards as debit cannot be used in online eCommerce transactions because you are not physically present to enter a pin number. The e-Check allows you to lower your merchant services fees. The transactions come with a much lower cost of business for you and your customers. This not only opens your business to more people who would rather pay with an e-check, but allows you to pay less in transnational fees to accept such payments. Everyone wins!

If you are interested in learning more about accepting e-Checks through your eCommerce site, contact the merchant services experts at Tanker Consulting Services today.