ACH Checks provides a payment solution that enables online and traditional merchants to accept and process electronic check payments directly from their Web site's storefront or through the eStar One Virtual Terminal. By accepting electronic checks, merchants are able to expand the payment options available to their customers and potentially increase their sales.
Check Guarantee is the most commonly used check service allowing the merchant to "insure" the face value of the check and protecting the merchant against checks written on non-sufficient funds (NSF). Merchants obtain electronic approval or voice authorization for the transaction and then deposit the checks. Checks that do not clear can be submitted for reimbursement.
Electronic Check Conversion
Check Conversion you can convert your customer's paper check into an electronic ACH transaction and process it using the same gateway process you use for all of your other electronic payments. Just scan the paper check through a check reader at the retail Point of Sale. Once the check has been converted, it is electronically processed just has if you entered it in directly via the Virtual Terminal. The original check is voided and handed back to the customer --- no paper processing is required!
Why Accept Checks?
- 89% of U.S. adults have a checking account
- 86% of all business payments are by check
- 23% of households do not have a credit card
- 45% of all credit card holders are within 5% of their credit limit
- 83% of all consumer bills are paid by check
- 80% of all non-cash payments are by check
- 10 million households without credit cards are online
- 74.6 million Internet check transactions in 2001
- 233 million Internet check transactions in 2002
Over 450 million Internet check transactions in 2003
(The statistics quoted above were gathered from NACHA and the U.S. Federal Reserve)