e-check

Why an E-Check Could Be Your Best Payment Option for Head Shop Transactions

The digital version of the traditional paper checks e-Check carries a lot of prominence as a preferred method of payment among certain online based businesses. The E-Check carries the information needed for the bank to process a payment for purchases carried out over the internet.

Just as with your popular credit or debit cards, the system withdraws funds from your checking account, making this a perfect replacement to the more known method of using a credit or debit card at checkout.

The e-check, or more elaborately; the electronic version of your traditional paper check contains the same information as a paper check, is based on the same legal framework as paper checks and can be used in just about every remote transaction where the traditional paper checks are used.

There’s more to the e-check though: it provides value-added information and as such expands on the usefulness of traditional checks.

E-Checks – how they work

Like a traditional paper check, the payee uses one of the various electronic devices to “write” the e-check. He then issues it to the online store that’s to make a purchase by electronic means.

Once the payee ‘deposits’ the e-check and receives credit; the payee’s bank will clear the electronic check to the paying bank.

Finally, the paying bank validates the electronic check and charges the amount specified on the check writer’s account for the given check. And with that, your transaction is complete.

For a head shop where your business deals in fast-going items like e-cigarettes and paraphernalia used for cannabis consumption, your business has just so much to benefit from the e-check payment method.

Get funds sooner

E-checks allow your business to receive funds from payments made almost twice as fast as with paper check processing. Payments are often received by billing companies within a day.

Reduce processing costs

You can cut the costs of processing payments by up to 60 percent since e-checks require much less manpower to process. They also donot come with any transaction or deposit fees. Processing an e-check therefore is generally much cheaper than processing a credit card transaction or paper check.

Increased sales

You can increase sales as offering e-check payment option will expand your customers’ options and increase sales in the process

If you aren’t offering this payment option already, perhaps it’s time to get some help on e-check processing for head shops from industry experts like eMerchantBroker.

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