For businesses that accept payment for items and services online, offering a simple and straightforward way for customers to make payments is an important part of quality customer service. Paying for something online means that using cash is obviously and automatically out of the question. While most websites will accept the use of major credit cards such as Visa, Mastercard, American Express and Discover as well as debit cards from banks that have branding from a major credit card company, many websites neglect a payment option that could increase their revenue by making it easier for consumers to make payments.
There are still a great deal of consumers in the United States who wish to make payments online but either do not have or do not wish to use a major credit or debit card. These same consumers may also have checking accounts and pay for most major purchases with checks. The creation of a system which allows a business to accept e check payments, or payments made via a checking account over the Internet, has opened up the door to online shopping for people who may have been hesitant to shop or make bill payments online previously. When businesses take advantage of the option to accept e check payments, they create a great advantage for themselves.
When a business accepts payment via electronic check for a recurring bill or service, they can set up a recurring payment plan with written permission from a customer. By using the account and routing number of the customer, the business and consumer can agree that a certain amount of money will be debited on a certain date each month, bimonthly or in any other time increment. This can be of great benefit to both the business and the consumer.
When using a recurring payment system via electronic check, the consumer no longer has to worry about the hassle of paper bills or online invoices, nor worrying about if bills have been paid and if they were paid on time. The business is guaranteed to have the money they are owed paid to them on the date on which the money is owed. The payment is made in full and the business owner does not have to send an invoice or chase down a consumer to get their money. This helps to avoid late fees, issues with customers who habitually forget to pay bills and loss of revenue due to ignored debts. Accepting electronic checks can change the way that both businesses and consumers think about their transactions.