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wig · 07-25-2003

I think most people misunderstand checks, which is why they are not used to their full potential.

Checks will never replace credit cards because:

1) credit cards are credit and checks are cash right out of your account.
2) checks are limited to the US
3) it is easier to enter a credit card # than an ABA and account number
4) there is no 100% real-time account verification with checks and many checks will be returned

However, this is where ppl miss the virtues of checks:

1) they are cheaper to process than cards
2) there are no fees for bounced checks or charge-backs
3) there is currently no ratios to maintain
4) checks convert better and retention is better (all things considered)
5) 99% of checks sign-ups are from individuals who do not have a credit card
6) charge-backs are restricted to 60 days from the time a bank statement is posted to the consumer

Returned checks are a problem, but with ACH Debit we do two things that no other processor does:

1) We only charge on checks that clear, so we have every incentive to reduce returns (our interests are in line with our merchants)
2) We provide FREE real-time account verification where available.

All things considered, I still beg the question.... what is the hard part about seeing the benefits of processing checks thru ACH Debit??

But, you know the old adage... you can led a horse to water, but...

PS - Peaches, thanks for the support as always!!!

07-25-2003	#30
wig Members Join Date: Oct 2002 Posts: 1,248	I think most people misunderstand checks, which is why they are not used to their full potential. Checks will never replace credit cards because: 1) credit cards are credit and checks are cash right out of your account. 2) checks are limited to the US 3) it is easier to enter a credit card # than an ABA and account number 4) there is no 100% real-time account verification with checks and many checks will be returned However, this is where ppl miss the virtues of checks: 1) they are cheaper to process than cards 2) there are no fees for bounced checks or charge-backs 3) there is currently no ratios to maintain 4) checks convert better and retention is better (all things considered) 5) 99% of checks sign-ups are from individuals who do not have a credit card 6) charge-backs are restricted to 60 days from the time a bank statement is posted to the consumer Returned checks are a problem, but with ACH Debit we do two things that no other processor does: 1) We only charge on checks that clear, so we have every incentive to reduce returns (our interests are in line with our merchants) 2) We provide FREE real-time account verification where available. All things considered, I still beg the question.... what is the hard part about seeing the benefits of processing checks thru ACH Debit?? But, you know the old adage... you can led a horse to water, but... PS - Peaches, thanks for the support as always!!!