The benefits to the online merchant are enormous. Merchants pay a premium for real-time online credit card processing. By promoting electronic online checks as the first payment option, merchants will experience reductions in processing fees, which will significantly improve their bottom line. Eliminate fees for returned Internet checks. Using a traditional paper check system, the merchant deposits the paper item into their bank account.
Any returned item is sent back to the merchant's bank, and fees are assessed.
These reports will facilitate the merchant's bank statement reconciliation. Improve Cash Flow. Funds are settled within two banking days, compared to the delays due to mail delivery times and the longer clearing times associated with paper checks. Consumers can make a check payment immediately, rather than writing a check and mailing it.