Update 7-21: Turns out banks do not like when images of images are submitted for deposits - they claim that increases fraud potential. But they accept check images already. Not very consistent policy. We understand we have negligible sway on their policies.
Instead, we now we accept ACH transfers - eChecks. In fact, a better system since customers enter their bank account info (same as already printed on each check) via secure server. Advantages:
- Lower transaction fees (QB offers 1% fee, max $10) - far less than Shopify charges for cards . A $3000 purchase costs us $10 with ACH, vs $80 with cards.
- Secure for customers. We never see their data, protecting them and us.
- Easy for customers: No writing checks, no stamps. Just type check info, as is similar process for cards.
- Fast speed: no slow mail - processes instantly
- Avoids lost fees for refunds
- Avoids potential card chargebacks that consume time and always seem to resolve in the customer’s favor
Shopify can increase value to its merchants by also offering ACH transfer for seamless payment integration - no issue that can do it if they wanted as others do it today. But I doubt they will because of the money factor: they make slightly less money on ACH transaction fees. So we merchants will find a way around Shopify, as we tend to do.