In spite of a long-term decline in the usage of paper checks, they still play a pivotal role in payment acceptance. For a number of different reasons, some consumers continue to prefer using checks for some or all of their retail purchases. Fortunately for merchants, there is a way to accept payment by check that simplifies the check handling process and virtually eliminates the risk of bad checks. This payment option, known as electronic check acceptance, automatically converts paper checks into electronic payments at the point of purchase. Not only are electronic checks easier to handle than paper checks, they cost merchants less than paper checks and are generally comparable in cost to payment card and cash transactions.
First Data’s new white paper explores how electronic check acceptance works, its advantages to merchants, and considerations for choosing a provider.