Electronic check processing software allows a business to quickly and easily accept check payments over the phone. Today many businesses are taking advantage of this check processing technology. Checking by phone is an inexpensive and secure non-cash method of payment. Taking checks online over the phone requires no signature, discount fees, chargebacks or leases. Don’t worry about expired or over-limit credit cards.
Verifying payments is now as easy as paying with a credit card, all you need to do is verify customer details. Many businesses use check production software to streamline the payment process. All a business needs to get started is a computer, Internet access, a printer, and stock control. You can generate a check 24 hours a day, 365 days a year. The information you need to generate these checks is similar to that required for the physical check. In this, the customer provides the information related to the account, name, address, check number, etc. through the phone. This information is then put into the system’s check processing software. The check is then generated with the help of a laser or inkjet printer using magnetic ink. This check is now ready to present at the bank.
Traditionally, one has to wait for the paper check to arrive, which was a risky and expensive process. But verifying over the phone is a fast and secure process due to the following reasons:
1. The number of returned checks and bank commissions have been reduced.
2. There is a quick verification of the account. Companies learn in real time if the funds are available or not.
3. Reduces transaction costs and streamlines your order process.
4. No more checks in the mail. Bill payments and past due payments are collected over the phone.
5. Accepting the check over the phone will immediately increase your sales and collections by providing an additional payment option to your customer. Nearly 75% of Americans don’t have a credit card, so even those people can do business online.
6. There is improvement in Cash Flow. Funds can be received within 48 hours.
7. There is a greater market opportunity due to faster order processing.
8. A convenient form is provided to the customer. All past due accounts can be updated.
A check received over the phone is considered secure because all converted checks are verified, usually at no additional charge. However, if you use a check guarantee program in conjunction with your electronic check service, it will be better.