Although paying by paper check is not as common, it is still beneficial to your business profits to have an alternative to debit card transactions. Debit or credit cards are easy to accept in store, online, and by phone. They are the most common method used by individual customers; however, not every customer is going to have these items available. Check, cash, or money order will be the alternative if these other options are not accessible. When you take payments for goods or a service over the phone, it is impossible to obtain cash immediately. Checks typically have to be mailed by the customer and then processed after being received by your staff. Processing mailed in payments is a tedious task which can be costly to your company.
Why do mailed payments become more of a problem than a benefit to your business? First, they are frustrating to customers who want to make a payment. They must complete the check, obtain postage, mail it, and then wait for the transaction to post to their account. It can take weeks for funds to be available depending upon the financial institution. Each one received must be opened by dedicated staff members, checked for errors, stamped, and then prepared for drop off at the bank. Handling hundreds or thousands per month could be taxing on your staff and business. A check by phone service allows your customers to still pay through a bank draft without the draining steps involved with mailed payments.
A Simple Explanation of Check by Phone
Bank drafts are typically initiated as an electronic check. This file transfer can be due to a retail location converting the written document to electronic form. It may also occur when the customer calls or purchases something online. Check by phone is one of many services offered by AVPS to help your business receive more secure payments in a quicker manner. Changing to electronic acceptance removes all costs incurred through mail processing. It also provides additional convenience to customers who have more limited payment options.
How does check by phone work for your customers and staff? Customers can directly call a service representative removing the need for mail. The representative is guided through each payment to ensure all needed data is collected. Common check information must be entered into a terminal and verbal authorization is necessary to finalize the transaction. At the end of the day, all collected electronic transactions are batch sent to your bank. They in turn send these electronic payments to an operator who authorizes each individual transaction. Funds are deposited into your account in one to two business days.
It is a simpler process your business can implement to save money, time, and increase profits. Customers receive the benefit of a convenient pay by phone option. You eliminate large amounts of paper processing as well as prevent common errors by providing a simple collection process to your staff. A check by phone service can help you perform electronic processing easily and affordably. Contact us today to learn how our merchant services can assist with your customer payments.