New York, NY, June 21, 2017 – It’s no secret that in the last 20 years the popularity of paper checkshas diminished almost as fast as our collective love affair for fad sensations like Auto-Tune, the Snuggie, and if a recent New York Magazine article is to be believed, the soon-to-be-extinct Fidget Spinner.
The most recent data from the Federal Reserve showcases paper checks’ decline in perfect relief. From 2003 to 2013, the number of paper checks in use in the United States declined 2 billion per year. Not too long ago as many as 30 billion paper checks were in use. Today that figure is about 17 billion and continuing to fall. The reason for the decline is also clear: the rise of the electronic check, along with the mobile banking industry.
But for many small businesses and their consumers a central question remains: What is an electronic check? That’s because even if the brand or shopper in question uses an electronic check, they may have little idea how the process works. Electronic checks, like their paper counterparts, deduct funds from bank accounts directly. Usually, their tracking numbers resemble those on printed checks and account holders can add or subtract e-checks from balances in their checkbook registers as they would traditional checks.
Recognizing the need to better educate both groups and help expedite the continued transition to e-check transactions, E-Complish, a leading payment solutions provider, is pleased to offer its suite of business products and payment processing technologies fully integrated into the Federal Automated Clearing House System (ACH) to allow its users to take full advantage of e-check capabilities.
“’What is an electronic check?’ is a question that I still hear far too often and it’s a question I’d like to see answered once and for all,” says Stephen Price, E-Complish’s CEO. “It’s important businesses and consumers alike have a basic understanding of how electronic checks work so that they can feel comfortable making the paper check to electronic check transition. E-checks vastly expedite the payment processing timeline, expend less energy and cost than paper to process and incorporate state-of-the-art tracking and reporting tools. For brands looking to streamline their business model and increase their revenue there is no better or cheaper option.”
One of the key advantages in the e-check transition is the improvement in financial security. According to the Federal Trade Commission (FTC) some 9 million Americans are victims of identity theft every year. And the vast majority of these identity thefts — 85 percent — come from unlawful access from criminals obtaining personal details from bank statements, handwritten checks, and credit card invoices. Electronic checks, called ACH transactions, on the other hand, offer electronic and automatic features that limit the people who can access private and financial data dramatically. What’s more, e-checks can’t be misplaced, nor can they be lost in the mail or stolen.
“Offering electronic checks among your diverse payment plans allows purchasers to carry out timely payments without incurring any interest or debt,” Price says. “Shoppers, especially tech-savvy millennials are more likely to shop in your store — online or brick-and-mortar — if your brand offers e-check capabilities. Those conveniences can help your company boost its customer-retention rate while also allowing for the possibility of a genuine relationship.”
E-Complish’s ACH check processing capabilities are fully incorporated into VirtualPay, an integrated console that enables businesses to manage their payments in the same place. So whether an electronic transaction is completed by phone or other method E-Complish has your brand covered.
Since 1998, E-Complish has provided merchants around the country with top online and over-the-phone payment processing servicesthat keep customer data secure and make it easier for retailers to manage transactions. E-Complish uses the latest groundbreaking technology to design payment processing services that deliver ease of use, accuracy and dependability, personalization capabilities, and automation that improves productivity.
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