Electronic check processing software enables a business to quickly and easily accept check payments over the phone. Many companies are nowadays taking advantage of such check processing technology. Check by phone is an economical and secure method of non cash payment. Taking checks online through the telephone does not require signature, discount fees, charge backs, and leases. There is no worry of expired or over limit credit cards.
Now check payments is as easy as paying by credit card, only checking details of customer is required. Check producing software is used by many companies to expedite the payment process. All a business need to get started is a computer, Internet access, printer, and check stock. You can generate check 24 hours a day and365 days a year. The information you need for generating these checks are similar to the one required for physical check. In this the client gives the information related to account, name, address, check number etc through phone. This information is then put in the check processing software of the system. Check is then generated with the help of laser or inkjet printer using magnetic ink. This check is now ready to present in bank.
Traditionally one has to wait for paper check to arrive which was risky as well as expensive process. But check through phone is fast as well as secure process because of the following reasons:
1. The number of returned check and bank fee has been reduced.
2. There is quick account verification. Business learns in real time whether funds are available or not.
3. It reduces transaction costs and streamlines your ordering process.
4. There are no more checks in the mail. Bill payments & past due payments are collected over the phone.
5. If you accept check on phone you will immediately increase your sales and collections as you are offering an additional payment option to your customer. Nearly 75% American does not have credit card so even those people can do online business.
6. There is improvement in Cash Flow. Funds can be received within 48 hours.
7. There is greater market opportunity due to faster order processing.
8. A convenient way is provided to customer. All the past due accounts can be updated.
Check received through phone is regarded as secure because all the converted checks are verified, usually at no extra charge. Yet, if you use a check guarantee program in conjunction with your e-check service it will be better.