Why Check Payment?
Accepting check payments online is a popular new way of recieving payment.
Offering a wider variety of payment options to your customers will help cash flow and improves service.
Reasons why check payment is so popular:
- A check is the most popular type of transaction (see pie chart below)
- Transaction costs are much lower then credit cards
- Improve cash flow
According to the Payment Systems Survey Association
- Half of the U.S. shopping public cannot qualify for a credit card and shop regularly with checks
- Check usage is expected to grow greater than 75% in the next 10 years; twice
that of cash purchases and three times credit card growth
- 94% of PSAA survey respondents had checking accounts, 50% had credit cards
- Only 1 out of 4 checking account customers hold credit cards with available credit
88% of U.S. Adults have checking accounts
63% of U.S. adults have credit cards
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