Infographic: Consumers love checks...and so should you.
Checks are, and will continue to be, a preferred method of payment for millions of consumers. In fact, 32 million U.S. consumers today have checking accounts but do not have a credit or debit card*. If merchants want to connect with their customers and avoid missing out on sales, they should be accepting checks.
Check acceptance is no longer limited to paper checks. They are quicker, easier, and more secure than ever before. Merchants can now accept checks electronically at point-of-sale (POS), online, and through mobile devices.
These new check acceptance methods can deliver fast funding (usually two business days) while reducing risk and back office handling time. And checks are generally more affordable than card payments so accepting checks not only gives customers payment choice but saves businesses time and money while doing so.
Read on to learn more about why checks are here to stay.
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To learn more about First Data's TeleCheck solution, click here.
*Source: Federal Reserve Bank of Boston, 2014.