eCheck Offers Operational Savings, Expanded Markets and Customer Service Benefits for Savvy Merchants

If you are looking to expand customer payment options to appeal to a wider audience, it's time that you take a look at eCheck. Available as a payment option for all ICCAS users in M.O.M. 5.3 and higher, the eCheck service gives you the power to accept a check by phone or to draw funds directly from your customer's checking account.

The obvious advantage by adding eCheck to your accepted payment mix is that it allows your business to receive and process timely payments from those customers that do not possess or qualify for credit cards. Thereby, expanding your possible target audience. In fact, according to The Electronic Payments Association (NACHA) statistics, such transactions were up nearly 18% in Q3 2005 alone.

Kelly Mayes, Product Manager at Authorize.Net, backs up the NACHA statistics citing trends toward the decline of paper check transactions while electronic check transactions are on the rise. And for M.O.M. users it's interesting to note that the Authorize.Net Product Manager sees the biggest adoption of these virtual check transactions made on the web and by small to medium sized businesses.

While the statistics are hard to ignore, eChecks ability to accommodate customers quicker by eliminating processing delays that are normally associated with physical checks may be even more appealing. eChecks are deposited instantly online, erasing the need to await receipt of or deposit the physical check. The entire transaction occurs through bank routing numbers and account information.

For many eCheck merchants, even ones that still receive physical checks by mail or through POS transactions, the biggest benefits of the eCheck service is in its pure convenience, making that daily trip to the bank to deposit checks a thing of the past.

Convenience and customer service benefits aside, there are eCheck related costs cutting benefits that cannot be overlooked by any business owner or CFO. As we all know a typical small to medium multichannel merchant pays 2.25% or more in traditional credit card processing fees. Add in those tricky merchant bank penalty fees and per transaction fees quickly rise to 2.5%, 3.0% 3.5% or greater! For M.O.M. users, the standard eCheck per transaction rate drops to under 2%. Best of all, there are no hidden fees or penalties.

For the average multichannel merchant, the savings potential is dramatic, adding up to thousands in savings per month using the most conservative of formulas. A savings that is easily achieved with a simple shift of card processing transactions to eCheck. A cost cutting measure which could be quickly implemented by your CSR staff or in an automated way in your online store with some simple eCheck promotion.

To implement eCheck into your M.O.M. system or SiteLINK store today, contact Michael Nardini at (800) 858-3666 ext 235 or by email at authorize@dydacomp.com.

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