Is it time to investigate electronic check processing? There was a time when Americans used checks to pay most of their bills and many of the items they bought while shopping. You may be aware that checks are used less and less, but it may surprise you to know that checks have already been phased out in some European countries, and the U.K. plans to eliminate all check clearing operations by the year 2018. How long will their use survive in the United States, and what does this mean for merchants? 2003 was the first year that electronic payments (debit cards, credit cards, ACH and EBT payments) exceeded the number of payments made by checks, and according to the Federal Reserve, their decline is accelerating. Isn’t it time to investigate electronic check processing?

Despite their diminishing importance in the world of commerce, most merchants will continue to accept checks if that’s how their customers want to pay, but more and more are taking advantage of the speed, security and convenience of electronic check processing that leading merchant processors now make available. Check processing and acceptance is now as easy and secure as accepting credit or debit cards, and the merchant doesn’t have to worry if the check is good or if they’ll get their money. Merchants can use electronic check processing to accept checks at the Point-Of-Sale and have them processed electronically, just like a credit card right during face-to-face transactions. When the business day is over, the funds are deposited electronically deposited via ACH right into the merchant bank account, without having to make up a deposit, drop it at the bank or wait for holds to be lifted. Merchants of any size can also now take checks over the phone, or accept and process checks from customers online. With electronic check processing, the funds show up just as fast as credit card payments do, and at very low cost, and now there is no longer any need for expensive, stand alone check readers.

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