|April 21st, 2022
Do you remember when you bought something with cash or paid your bills with paper checks? In case you can’t remember, you are not alone. From helping you buy groceries to allowing you to pay bills, nearly 82% of Americans prefer digital payments to purchase goods and services. This is why online payments have become a significant necessity to run a viable business in today’s digital economy.
Even though it is convenient for consumers, therefore processing online payments can really be costly for merchants. This is why it is a cost-effective way to accept online payments. So, you need to take checks online that offer the convenience of digital payments without their high processing fees.
In this blog, we shall explain how accepting eChecks allows you to save money and improve business finances.
What are eChecks?
eCheck works as the digital form of the traditional paper check. eChecks allow you to transfer funds from the payer to the payee’s account electronically. This is why the entire eCheck processing takes place online and paying with eCheck has become much easier, faster, and safer than paper checks.
When you can accept eCheck online, the payment gets processed by the ACH network (Automated Clearing House).
With the help of eCheck, payments get withdrawn from the checking account and transferred electronically to the payee through the ACH network. In addition, the transaction of eCheck takes around 24 to 48 hours to clear the payer’s bank account and for funds to get settled in the payee’s bank account.
This type of quick timing is beneficial to individuals and businesses. The payee generally likes the fact they don’t need to wait for the check to arrive by the mail and even wait for the normal check clearing process for the paper check.
Save Time For Faster Funding
Do you generally find yourself using the high volume of paper checks in your business? This traditional process of funding is time-consuming and takes effort also. This is the reason why using digital checks over paper checks can turn out to be beneficial.
You can directly take printed checks straight to the bank, but you might be waiting for 4 to 5 days to get them processed. You are allowed to maintain the cash flow with the convenient e-checking system.
Bank Account Verification
In business organizations, a surprising amount of time is consumed in collecting payments. It is something that you need to keep in mind, especially when you are thinking about paper checks and electronic checks.
With the help of eCheck services, you will be able to save your money and time. This is because eCheck processing services do not consider stamp fees, envelope fees, and much more. A major point related to it is that faster payment also makes for better cash flow in any organization’s business. This is something which will surely relieve you.
Moreover, the bank authentication system will surely allow you to accept remote deposits which will surely help your business to grow without any hassle. It also allows you to quickly distinguish between people who can and cannot afford your services.
Another amazing benefit of eCheck payment processing is that it allows you to set up automatically recurring payments within your clientele. This is another way that implies that you are spending less time in getting your payment process every time and even simplifying the mode of your deposits.
In the end, we can say that digital checks are weighted more than paper checks, and this is because they help businesses to receive payments on time and even help them to maintain the proper cash flow.