Checks are still a very popular way to pay for purchases. In fact, the Federal Reserve reports more than 17 billion check payments are paid annually with a total value of more than $26 trillion dollars. And despite newer payment options, a consumer brand awareness study from TeleCheck, A First Data Company, reported that many customers feel checks are a safer way to pay for large-ticket items. In fact, the average check amount is three times that of the average credit card swipe. That’s a pretty big incentive for merchants to accept checks.
With TeleCheck, there are even more benefits to accepting checks:
- Happier customers. Some customers simply prefer to pay via check—don’t risk losing out on this business. Offer an array of payment choices, including payment by check, so customers feel comfortable buying from you no matter how they prefer to buy.
- Reduced bank fees. Check processing fees are more affordable than other popular payment methods—including credit cards.
- Less risk. TeleCheck’s warranty service helps protect merchants against bad check losses on approved checks, and thus minimizes risk. With one of the industry’s most robust check authorization systems, TeleCheck assesses transaction risk and advises on whether to accept or decline the transaction in seconds, so you can close a sale with confidence.
- Improved cash flow. Approved checks are paid within two banking days, which is twice as fast as traditional methods.
- More time. You can accept checks electronically, without having to make a stop at the bank, which saves you valuable time you need to run your business.
- More flexibility. Check processing software works on mobile devices, including phones and tablets, so that customers can transact with you via check virtually anywhere, including sidewalk sales, shows, and events.
- Better customer relationships. Develop trust and credibility with your customers: First Data’s payment processing protects your customers’ personal information from identity theft every time they pay.
Although there are more advanced payment methods out there, it still pays to take checks from the millions of customers who prefer to use them. Luckily, with TeleCheck, you can take checks electronically in seconds with ease and confidence.
Accepting checks just got easier. New Clover customers who are signed up for Clover Check Acceptance will have this feature already installed on their device. Learn more on Clover.com.
Note: Existing Clover customers can download the Check Acceptance app in the Clover App Market.