Category: Mobile Check Processing

In a world where technology is advancing, should your appliance repair business go cashless…probably not since checks are one of the oldest forms of payment.  

While more and more people are using e-wallet to pay for goods and services, savvy appliance repair business owners shouldn’t alienate customers by not accepting paper checks.  Eliminating checks has the potential to result with negative reviews because customers who still prefer to pay for repairs by check will be forced to use another repair company.

In todays world you need to cater to all homeowners to prevent losing business. Much of the older generation doesn’t use smartphones the way Gen X does, which is why they still prefer to pay for services using paper checks. Boomers and seniors haven’t adopted technology at the same rate and still carry traditional wallets and write checks.

There are many reasons why you should offer a variety of payment accommodations for every customer. Some people with high balances stay away from charging on their cards so they don’t incur additional credit card finance charges.

And, checks are less attractive to thieves than credit cards because they aren’t easy assessable and cannot be cashed by just anyone. For thieves this can be hassle to get bank routing numbers, account info, print the checks than try to cash without proper ID. Checking account numbers are not on the black market like credit cards numbers.

Using an app to accept all forms of payments is the future of growing a successful business.  Keep in mind that not all processing apps are created equal; most, like Venmo/Paypal only process credit cards or transfer money.

Most traditional processing apps entail higher costs to cover the processing fees. Even with negotiated low credit card processing rates, business owners spend a fortune each year on transaction fees.

Business owners will pay more in credit card processing fees if they only accept credit cards. Yea, you can build the credit card fees into your repair prices but do you want to run the risk losing business because your repair fees are higher? Not the smartest business decision.

There are far more pros for accepting checks in the field than not, which is why a lot of appliance repairs businesses still prefer to accept checks.

Do you really want to wait and don’t wait batch the weekly and make mass deposit at bank. Cash flow is increased because with mobile check deposits the funds are available in a few days (actual time varies by bank and if check is written from local account vs out of state). Waiting can be risky because a check/checks can get lost or misplaced along the way. 

There is also the risk that funds aren’t in the account if you wait. Than you need to deal with having to get in touch with the customer and either get another check or ask for a credit card.

Accepting Checks Reduces overhead

No processing fees with mobile check deposits using an app like iWallet Business. The app offers credit card processing and remote check deposits. The convenience of using the app is there is no equipment to buy and you can accept checks and remotely deposit check in the field in addition to credit or debit cards.

Decrease Fraud Risk

Checks are safer to upload through a smart phone instead of waiting for technicians to mail them to home office so they don’t  run the risk of losing along the way. iWallet Business App scans checks through a national data base of bad check writers. If the check is flagged as bad, it will catch it in real time. More importantly since your employee is still with the customer this will gives the opportunity to ask for another form of payment.

Prevent Stop Payments

When customers write a check to pay for the repair and you wait to deposit later, you run a big risk of having a stop payment on the check. If customers are not satisfied with the work performed and complain, credit card payments can/will be disputed.  Most credit card companies side on the customer and this will cause the amount to be debited from your account. The funds are returned to the customer without recourse. This is yet another reason why accepting checks is a great option.

Check Guarantee is an added level of check safety, in the event the check bounces. This is good for small or large repairs companies that have a history of customers who bounce checks.

Keys to Accept Check for Payments

Verify the check is written for the right amount. The amount written out should be the same as numerical numbers. Only accept the total amount due. Make sure your technicians verify the following before uploading.

• Complete name of customer
• Payee name (you or your business)
• Correct date
• Bank ID numbers including account and ABA routing numbers
• Dollar amount
• Signature

Don’t waste your time thinking checks are a thing the past, they aren’t! Accepting checks for payment in the field with iWallet Business could set you apart from other repair companies. It is a useful financial processing tool for small to mid-size appliance repair businesses. Accepting checks helps to attract more customers and using iWallet to remotely deposit them can provide a level of security while helping to save with overhead fees.

Check processing for appliance repair business sounds simple right? It can be low cost and easy if you understand the different ways to process checks and the costs associated.

There are different factors to consider when you’re running a small to medium size appliance repair business. Having a good grasp on financial costs will help you to save time and money on mobile check deposits.

Today’s business owners can benefit more by using mobile check deposits than by using their traditional bank checking account deposit feature. There are a range of options to consider when they are considering mobile check processing.  

Manual Machine Swipe Electronic Check Processing Costs

Manual swipe machines help small businesses to process several checks at a time. While it sounds fast and easy there is a monthly cost as high as $100 to rent the check scanner equipment.

Do you want the money in the bank ASAP? If yes this is not the best check deposit method because cash flow will be slow. Checks will need to be mailed or dropped at the office. This takes time having employees drive to drop off and time for administrative staff to process. You also run the risk of losing checks along the way.

Mobile Check Processing Cost

Using iWallet Business, a free app that allows your technicians to accept checks and make mobile check deposits anytime, anyplace. The app offers more benefits than traditional ATM deposits.

There is a monthly mobile check processing cost of $50 a month for up to 1400 checks per year. Using this method will actually save you money in the long run because there is less back end administrative cost. You also do not have to pay for gas for all the trips to the bank, which these days saves a lot of money too.

Mobile check deposits are great because check payment processing is accepted instantly using a smart mobile phone or tablet. No extra fee for equipment to purchase or to rent.

Accepting checks at time of completed work and using a smart phone to instantly deposit also saves time. Technicians have 24/7 mobile check processing and accounting has 24/7 real-time, consolidated reporting and banking.

Check Return Cost

The ability to make real time, mobile check deposits with iWallet can also potentially help eliminate return check costs. A returned check fee is when someone gives you a check, but they don’t have the funds to cover it. While you don’t plan for returned checks but it happens all the time. This also happens when an account has been closed or if the customer decided to stop payment because they may not have been satisfied with the work performed.

Your techs in the field do a big job and accept a large check for payment, it could takes days before it gets deposited which slows cash flow.  Between the time of repair and when the check gets deposited, there is no money in bank account due to non-sufficient funds.

Now you’re faced with two issues, a charge for returned check, you have to waste time and go back to the customer to work out another payment source. While this situation is not your fault it is impossible to know how much the check writer has in their bank account, the depositor is still the one held responsible to pay the fee.

To potentially help to avoid returned checks us iWallet for all mobile check processing. The app that runs all checks through a national data base of bad checks. If the check writer is on the list you will be alerted instantly and the technician can ask for another form of payment on the spot. 

Check Guarantee Cost

Check guarantee is another mobile check processing add-on feature which provides appliance repair businesses with check protection to eliminate the risk of non-sufficient funds. This feature helps business owners prevent getting burned by a bad check writer who clears the fraud database but doesn’t have enough funds to cover the work performed.

For a fee of 1.5%-2.3%, during the mobile check processing transaction, you can transfers the risk to the processor, and you will be guaranteed to receive funding on the check. It is simple process, during the transaction where the merchant transfers risk to the processor and funding is guaranteed.

Best Small Business Mobile Check Processing App

Mobile check deposits for personal use is very common, having the ability for multiple technicians to make mobile check deposits into a business account will be too with iWallet Business app.

Anyone can test iWallet Business because there is nothing to buy, no sign up fees and you can cancel anytime without additional cost. With this app you can accept all types of checks, including personal, business and travelers.  It is the best 21^st century mobile check processing app for appliance repair businesses with two or more field technicians.