6 Things To Avoid In An Electronic Check Processing System

by Kay Fione       Ok. So you are a business entrepreneur . You have finally decided to be an online merchant by putting up an online store in a few days. As with other businesses, you want to accept online checks payments. You are looking for a suitable electronic check service provider which could boost up your business. Since you are a newbie, chances are that you could fall victim to sales people utilizing high pressure tactics in selling you echeck services. If you fall for their deceptive advertising, you will end up with huge bills and a losing business. Worse, you could end up bankrupt sooner than you can imagine.     Below are important things to avoid in an electronic check processing system. <ol><li>BIG INITIAL CASH OUTLAY Be very wary when sales people require you to shell out huge capital outlay for your hardware or software needs. They are only after your money and they want it fast. Remember that a good echeck processing system does not carry an expensive price tag. Say to those unscrupulous sales people that you want some time to compare products and then get out of their office. Refuse any compromise arrangements and don't sign any contract yet. </li><li>PER TRANSACTION PERCENTAGE FEE If the echeck processing service provider charges some sort of a per transaction percentage fee, dump it. It's a deliberate scheme to make you their milking cow. You will be in the losing end of the bargain. Negotiate instead for a flat monthly rate. </li><li>DUPLICATE ENTRIES Avoid echeck processing system that allows duplicate entries from customers. It will only mess up your financial records. As much as possible, look for customizable features where you can erase duplicate information entries. </li><li>SEPARATE CUSTOMER DATA AND CUSTOMER RECORD MANAGEMENT Is the electronic check processing sytem allows only a fixed customer data for its exclusive application? If it is, then avoid it. What you want is a highly flexible system where you can import customer database and integrate it in your current customer record management software. In this way, you dont' have to perform the time -consuming task of switching from your echeck processing software to your business management management when updating your customer records. </li><li> HIGH MONTHLY MINIMUM CHARGES Echeck processing provider are in the service to make money. The monthly minimum charge offers the easiest way for these unscrupulous companies to make money fast from you. You should negotiate for a competitive price in all your fees, particularly your monthly minimum charges. If your echeck provider will not allow it, then look for another provider. </li><li>AVERAGE ENCRYPTION Electronic check transactions involve computer and Internet connection. Security threats make encryption an important consideration. If the echeck processin g system implements average encryption, or worse, it has no encryption protocol at all, then you are putting your business at great risks. Make it a point to ask for the encryption issues of a echeck processing system. Always insist on a reliable, industry-strength SSL, 128-bit encryption. Anything less than this pose security threat to your business. </li></ol>       ( Kay Fione is an electronic banking authority with years of solid experience. She finished her Banking and Finance course as an honor student at the University of Minnesota. She currently works as an executive in an Australian bank. She loves snorkeling and writes business articles on her free time. Kay lives with her husband and four kids.)<a href="http://www.onlywire.com/submit?u=http://www.echeckprocessing.biz/6_things_to_avoid_in_an_electronic_processing_system.html;t=check%20processing;tags=Check%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

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