Why PayByCheck?
- Lower Cost - flat fees NOT based on % of sale
- Fast Payments - echecks clear 2 to 3 days faster than mailed checks
- Smart - in light of today's credit crisis, accepting checks is smart business
- Reduced NSF check fees - $4.00 instead of $25.00 to $35.00 from your bank
- Less Hassle - we don't require that your customers register with us
- Reduced Handling - echecks reduce paper handling costs and trips to the bank
- "Green" - echecks are paperless making them good for the environment
PayByCheck Vs. Credit Cards
Accepting credit cards can get quite expensive! According to Top Ten Reviews' 2009 Credit Card Processing Product Comparisons, the average cost for accepting credit and/or debit cards online is 2.22% of the sale plus a transactions fee of $0.25 and an address verification fee of $0.05. In addition to these fees, the average monthly fees equate to $40.96 and set up fees can be a bit costly as well. PayByCheck's echeck fee structure is MUCH more simplistic.
Payment Verification
If our fees don't have you convinced, our verification process should! We employ multiple verification sources to verify your customer's addresses, phone numbers, bank routing and account numbers, and the risk status of their bank account. All echecks pass through a negative check database before going through a positive one that evaluates risk. The risk database is updated by our source nightly by many popular banks, allowing them to pass account information through a chain that ends with an "Approved" or "Denied" message for the transaction in just a few seconds! This process saves our customers thousands in returned and fraudulent echeck transactions!
Interface Options
You can choose between two methods for interfacing with ITI. Those without web developers on staff may decide that using ITI's Standard or Pop-Up echeck payment interface, accessed via secure HTML links, may be an easy solution. These customers also benefit from ITI Utilities which gives detailed transaction information and reporting. Many larger customers prefer to integrate ITI's echeck payment script using the XML API, allowing them to create their own customer experience and having transaction information automatically post to their systems. Regardless of the method chosen, customers can rest assured that their transaction data will be archived on ITI servers for at least seven years.
Settlement Methods
PayByCheck offers two settlement methods to meet the needs of any organization (small, medium, large, private, public, or government):
- Electronic Check Processing (ECP) - settlement occurs through the Automated Clearing House (ACH) Network according to NACHA regulations. This is a purely electronic solution available to qualified organizations who wish to reduce their volume of paper transactions.
- Paper Drafts - printed daily and mailed to customers or their financial institution. A simple solution that is available to every customer.
ACH Ineligibility
Customers who have been in business less than a year or are deemed a High-Risk business will not qualify for ACH, but can choose settlements via paper check. Paper checks are mailed the business day following the transaction by either first class mail or preferred courier, with the option of having them mailed to your business or your bank. After a few months of successful transactions with an acceptable return rate, paper check customers can re-apply for ACH processing.
