Online Business Checks: 5 Benefits Over Other E-Payments

Old forms of payment have been on the decline for a while. The pandemic, however, has accelerated the death of cash and paper checks. More than three-quarters of Americans used digital payment solutions to perform financial transactions in 2020. Businesses must adopt the best electronic payment solutions to thrive in an increasingly digital economy.

From digital checks to ACH and credit cards, there are many financial technologies that enable fast and convenient electronic payments. With so many options to choose from today, how can you determine which method is best for your business needs? In this post, SeamlessChex will discuss the benefits of processing business checks online over other e-payment methods.

Hassle-Free Signup and Transactions

Despite speedy transfers, many electronic payment methods are a hassle to set up. For accepting credit card payments online, you must sign up for a merchant account which requires both a credit check and bank underwriting. Additionally, ACH processing accounts ask for tedious documentation and underwriting for prolonged approval.

With Seamless Chex, you can enjoy instant signup and approval to immediately verify and accept business checks online. All we need is your basic business information and bank account, so we know where to direct your funds. All legal US businesses will get same-day approval to process digital checks regardless of industry. After a quick and hassle-free onboarding process, you can verify and accept eChecks within minutes.

Safer Payment Platform

Although most electronic payment methods employ advanced technologies to secure their networks, fraud is still prevalent in many of these systems. According to a study conducted by Juniper Research, businesses are set to lose $130 billion to card-not-present (CNP) fraud between 2018-2023. Wire transfers also experience high rates of fraud due to vulnerabilities in the system.

Digital checks offer a more secure platform to process electronic payments. To send and receive business checks online, you must go through enhanced security measures. Employing bank account ownership verification systems and signature capture technology, Seamless Chex helps your business reduce the risk of chargebacks and online payment fraud.

Serve All Industries

To start accepting credit card payments online, you must enter into a contract with an acquiring bank to establish a merchant account. Many legal businesses, however, are denied a merchant account because banks perceive them to be high-risk. High-risk businesses often turn to specialized processors and pay abusive fees to accept online credit card payments.

Echeck processors, on the other hand, are much more flexible than banks, offering merchants in all industries unrivaled access to online payment systems. With Seamless Chex, any legal US enterprise can process business checks online. Whether you operate a CBD, travel agency, or coaching business, you can process electronic payments within one day of account sign-up.

No Transaction Limits

If you succeed in setting up a merchant account, you often will encounter another obstacle. Most new merchant accounts have transaction and monthly limits set by the bank’s risk and underwriting department. If you exceed this limit, your merchant account can be suspended or terminated by the bank for non-compliance with their standards.

Unlike accepting credit card payments online, you don’t have to worry about transaction limits with online business checks. Echecks allow you to accept any dollar value and enjoy unrestricted monthly revenue without jeopardizing your business account. You can upgrade your subscription plan as you grow to boost payment security and minimize the risk of fraud.

Lowest Processing Fees

Although faster and more convenient, electronic payment methods often have exorbitant processing fees. Credit card companies charge businesses up to 3.50% of total transaction value.These steep processing costs eat into a company’s profits and make it difficult to run a successful business.

Digital checks like Seamless Chex offer the speed and convenience of credit cards and bank wires minus the steep processing costs. With our online business checks, you will enjoy the lowest electronic payment processing fees. Whether you’re a low-risk or high-risk business, eChecks is a great electronic payment processing solution and with rates starting at 1% it’s a third more cost effective than accepting credit cards.

Process Business Checks Online With SeamlessChex

Electronic checks offer a superior alternative to accepting credit card payments online. With instant approval, unrivaled accessibility, and the lowest processing costs, all legal businesses can take advantage of this modern payment technology to grow without limits. Sign up for Seamless Chex now to start getting paid today.