Digital Payments

Reducing the collection of cash and paper checks is possible using a wide variety of digital payment options. There are a few main differences between paper checks and digital checks. Here is a summary of the differences, all of which are available through your TransAct Merchant Services account.

Digital checks eliminate many time-consuming steps of a traditional paper check including those of a client receiving an invoice, writing a physical, paper check (or issuing and printing through QuickBooks®) and then mailing it. Additional time is lost in the process of a paper check being delivered, opened, processed, recorded and endorsed before it can be taken to the bank to be deposited.

Digital checks or digital payments are a bank transaction without wire fees, and much lower in cost than a credit card payment because there are no percentage-based fees associated with the payment. Our clients have the freedom to collect digital check payments, saving both time and money.

Digital checks can also be called e-Checks, electronic checks, EFT (electronic funds transfer), bank transfer* and bank payment*.

* Note: These last two are not the same as a bank check which is a physical, paper check issued by a bank as requested by the account holder. This term is not typically used in the US and has been known to cause some confusion.

Digital checks are also different from ACH – Automated Clearing House digital payments – which can also take several days to process, like a paper check might. Important to note, while TransAct does not assess a percentage-based fee on a digital check transaction, some merchant processors do charge a base fee AND a percentage of 0.5% to 1.5% on the amount paid.

Other options for processing digital payments:

  • Traditional technology: a virtual terminal or POS system where the credit card number is manually entered while on the phone with the customer
    PCI compliance does NOT allow for credit card numbers to be written down!
  • Newest technology: secure portal or secure link to allow a customer to enter an e-Check or credit card payment over an encrypted PCI compliant method

TransAct E-Invoice

  • Easily Created with the Click of your mouse.
  • Customizable template that you email directly to your client(s).
  • Built in payment link so they can choose to pay by E-Check or E-Credit Card – 24/7/365.

TransAct E-Check

  • It’s as simple and cost effective.
  • Clients enter the account number, and routing number and click submit to make the payment.
  • Clients receive an automated, emailed receipt upon the successful completion of  the payment.

TransAct E-Credit Card

  • Clients enters their own credit card information
  • Clients receive an automated, emailed receipt upon the successful completion of  the payment.
  • You have online/real time access and reporting to all transactions

TransAct Touchless Terminals (Apple Pay)

Works with both phones and tablets.
Touchless Apple Pay Terminal

Want to learn more about our payment processing solutions? Call us today at 800.335.6717 Fill out our contact form