Checks are still a viable and trusted form of payment for some customers. However, businesses face the risk of a check being returned with “Non-Sufficient Funds” (NSF)

When you use check processing services with Good Loans you have the convenience of converting a paper check received from a customer into an electronic transfer from the customer’s bank account into yours, eliminating returned checks and NSF notices. This is a faster inexpensive way to get your money with no subject to chargebacks.

How does it work?

• The customer completes their paper check as normally expected on a normal check
• The check must be processed on an electronic reader at point-of-sale, detecting all the back information and transaction information.
• After accepting the check, the funds in the customer’s bank account will be electronically held and prepared for transfer to the business account.

Upon accepting a check, it is important to notify your customer that you will take their paper check and convert it using electronic methods. Floating funds in this manner is something that will become quite obsolete as more and more businesses convert from simply depositing paper checks in batches at the local bank branch to running checks electronically. Funds clear more quickly than ever before – which is a terrific thing for small business!

Key Benefits to Accepting Checks

• Non-sufficient Funds (NSF) are reduces to practically zero
• Customers will immediately know if they have enough cash in the bank to cover the purchase
• Having the ability to confidently and securely accommodating consumers who continue to utilize this viable payment option.

At Good Loans, we’re in the business of helping businesses – and we are ready to help today! Even if you currently process checks with another company, we’d love the opportunity to show you how affordable our services are and how much your business will benefit from electronic check processing. Contact us today to get started!