You’ve heard of checks, right?
They’re the paper things that old fogeys use at the supermarket to clog up the line with, right?
Well, it turns out there’s a whole aspect of checks that may not be that well-known to you as an ecommerce merchant.
Echecks, electronic checks, are actually an easy way to accept payments online.
All the customer needs is a bank account and routing number, actually less information than they’d need for placing a credit card order.
Simply because it is lesser known than credit card processing merchants think it’s a difficult payment method to implement. Not at all!
Through our echeck solution once the customer enters their information into our ready-made plugin the bank account is checked for validity and funds. This reduces the chances of sending out a product that you are not paid for, although in truth it can frequently take a check a few days to clear and you to want to verify you’ve been paid before shipping.
Do you think customers won’t enter echecks on your site? We’ve personally seen businesses that are doing over $5k a day through echecks alone, and we believe acceptance of this payment method is growing.
“Is it difficult to get an echeck processor?”
No, in fact, it’s easier to get an echeck processor for cannabidiol than it is to get a credit card processor. Instead of your approval time being up to a week and a half, it can be half a week or less!
The reason for this is that echeck processing involves fewer risks than credit card processing.
With credit card processing, the acquiring bank has to look into your past as a merchant and into your product line so they can assess risk. Then they frequently hold large sums of money from you in case there are “chargebacks” – allegations of fraud or refund requests from customers.
With checks they can see that the transactions are genuine because they can look into the accounts immediately. They are also not at as high a risk for a chargeback because if there is a chargeback it is deducted from the merchant’s bank account, not the bank’s. Additionally, your money is deposited immediately!
If you are interested in a CBD echeck processor, let us know! We have rates starting at 4.99%.