Advantages for Merchants

What is the advantage of accepting Instant eCheck™?

Because nearly every consumer in the U.S. has a checking account, Payment21®'s Instant eCheck™ provides merchants with access to more consumers and businesses than any other alternative payment method in the United States of America.

Nearly half of American adults have either no credit cards or insufficient available credit. The financial crisis has made it more difficult for the average U.S. consumer to even be approved for a basic credit card. The rapidly increasing interest rates on credit cards have become one of the reasons why U.S. consumers prefer to pay by check. There are about 80 million consumers in the U.S.A. who cannot pay by credit card but are willing to spend their hard-earned money by check.

Despite the dramatic growth of e-check transactions in recent years, today only about one in five online merchants offer an e-check payment option. Major online retailers have begun to add e-checks to their checkout options, and smaller Internet merchants are starting to realize that they must follow suit if they are to remain competitive and serve the needs of their customers.

Payment21® makes sure your Instant eCheck™ transactions are handled correctly and securely, with rapid access to your funds. Our alternative payment method will increase cash flow from your U.S.-customers overnight! By providing more payment options for your customers, you will lose fewer buyers in the checkout process. Studies have shown that the more payment options you provide, the more payments you will process, and hence the more money you will make.

Payment21®'s Instant eCheck™ comes in two financial transaction standards: ACH Processing and Check 21 Processing. These standards are widely used within the U.S. banking industry, and are our alternative payment option. Paying by check is popular among online shoppers in the USA. Payment21® allows you to process U.S. direct debit payments such as ACH transactions and U.S. demand drafts for so-called Check 21 items. In short, with Instant eCheck™ you gain faster clearing times, quick access to your cash and lower processing costs. The bottom line is that accepting checks online via Payment21® is cheaper than processing credit cards.