|May 27th, 2022|
Are you running your business for a long time but still not being able to maintain the proper cash flow? Don’t worry; when you begin to use eCheck services, your business will automatically process higher transactions without any hassle. Many companies sell great products, comprise loyal customers, and make good sales, but they suffer low on cash even then.
The central part of the problem is certain businesses, including landscapers, plumbers, and wedding planners. Many people deliver goods or services before getting paid.
Most of these businesses are forced to wait for days or weeks. Then, they can be paid after sending invoices. Even the operational expenses and payroll do not have to be met.
If you are experiencing the same set of challenges in your business, Paycron offers you an easy solution to bring a significant change in your business, which is eCheck service. You can help your customers pay faster by offering an electronic check or eCheck option.
Most importantly, an eCheck works like a traditional check. However, it differs a lot from the paper-based check as it allows customers to provide the information through a secure form. It helps customers provide bank accounts, routing numbers, and payment authorization details through a secure electronic medium.
A Short Read On How Paper-Based Checks Are Quite Different From eChecks
Unlike paper-based checks, eChecks do not require manual entry or scanning, neither reinforces one to take several trips to the bank, and it requires slow processing times.
eChecks can be processed faster through the Automated Clearing House (ACH) network, which works as an electronic system that helps one to move money safely from one bank account to another.
eChecks provide customers with different digital solutions that limit contact and are labeled to be ideal for recurring payments.
Many businesses benefit by lowering the burden of processing traditional checks while also providing additional payment options to their customers.
eChecks help to get clear faster than paper checks sent through email. Most eChecks get clear within four business days.
They offer customers an easy method of paying electronically that will never put them in debt. They give business owners the peace of mind that the verification process of the funds begins as soon as the eCheck gets submitted.
As merchants pay a smaller fee to process eCheck payments than to process credit card payments, thus, it has become quite common to accept eCheck payments for high-cost items, including rent, mortgage, and car payments. A few examples of high-cost monthly fees can be legal retainers and fitness memberships.
Do you think that eChecks can be used for recurring payments?
eChecks, generally work as the most popular type of recurring payment. However, you might have heard of the term “recurring ACH payment” or “Direct Debit,” which remains the same as the regular eCheck payment.
For an assumption, property managers will ask tenants to fill out the recurring eCheck rent payment form. It gives them the ability to automatically deduct rent from their tenant’s checking account on a particular day each month.
How long does it take for eCheck clearing process?
The eCheck clearing process differs to some degree from other payment processing companies. Thus eCheck processing service varies a lot.
Usually, the funds get verified within 24 to 48 hours of the transaction when they get initiated. However, if the payer’s account gets filled with sufficient funds in their checking account, the transaction generally gets cleared within 3 to 5 business days. Thus, the funds get moved to the payee’s account.
Benefits of eChecks That Make Them The Most Favoured Option
An individual can create an eCheck and send it with a few keystrokes on their computer, tablet, or smartphone from anywhere across the world.
eChecks are compatible with most accounting software. Usually, the transactions emerging from their accounting software get seamlessly integrated into the eCheck system without double entry. In addition, one can make transactions with their current accounting software without upgrading it.
Virtually Prevent Check Fraud
This is because check fraud continues to be the most prominent form of payment fraud in the US. Thus, we have taken the appropriate steps to ensure the security of your payments. Another added feature of eCheck is enhancing the state-of-the-art security features and minimal contact points, which usually eliminates fraud.
Make Payments From Anywhere You Want
When using eChecks, you can send payments directly from your laptop, tablet, or smartphone, which implies that you can easily make payments anytime. So, if you are thinking of creating an eCheck account, it may be the right idea.
In today’s time, where the “right now” has become the new normal demand for many consumers, thus allowing your vendors, suppliers, and customers can turn out to be a practical option.
Paycron’s eChecks facilitate merchants with an option of affordable, simple, and secure payment methods.
Helps In Controlling The Cash Flow
It is generally seen that small businesses experience difficulties controlling their cash flow. Their cash flow can ebb and flow based on season, demand, or other things that remain out of their control. Since eChecks can be transferred instantly, one can easily send them without a hassle. It gives one better control, especially when you pay your bills, which means better control over funds coming in and going out.
We can conclude that prompt payment may help solve many cash-flow issues that can cause trouble for many businesses. Paycron, the leader in payment processing, does provide eCheck services that help streamline payment processing for many businesses. By choosing the eCheck services of Paycron, you can quickly reduce your workload and improve the cash flow of your business. Lastly, we can conclude that eCheck services help merchants receive money without a hassle.