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Why Accept Checks?
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Why Should Your
Business Accept Checks?
With the ease of setting up a merchant account
to accept credit cards by telephone, fax, or online, why would a business need to accept
checks? Some of the reasons listed below make for a great argument for allowing your
customers the convenience of paying by check:
According to a PSSA
(Payment Systems Survey Association) survey, respondents report the following:
1) People use checks because of the
convenience and rank "don’t
like to carry cash" and "don’t like to charge" as the primary reasons for preferring checks.
2) Half the U.S. shopping public cannot qualify for a credit card and therefore, shop regularly with checks.
3) $2.8 trillion in checks were written in 1994, dwarfing all other payment methods, except cash.
4) 94% of survey respondents
currently had checking
accounts. 50% of the
population currently have
credit cards.
5) 90% of all financial transactions are made by check.
6) 70% of the population does not use debit cards for retail purchases. Of those using debit cards, less than 30%
use debit to replace "cash" transactions - not "check" transactions.
7) 48% of survey respondents
said that they preferred
using checks above any other method.
8) Checks are expected to grow more than 75% in the next ten years. Nearly twice the amount of growth in cash purchases and 3 times
that of credit card growth.
9) In a recent Master Card survey, over 25 million Americans cannot get credit because of troubled or non-existent credit histories.
10) Only 1 out of 4 checking account customers hold credit cards with
available credit.
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