|October 10th, 2019|
Small business owners tend to maintain their competitive pace alongside staying in loop with current technological breakthroughs. To achieve both these goals, they never miss out providing various platforms to their customers in terms of making purchases. Rising popularity of online medium has made it easy to take sales to a whole new level by shifting a business on the internet. As obvious, buyers get multiple options to make payments when buying products/services online. This business behavior reaps profits two-ways. One, more customers are pulled; second, revenue increases.
But now the question is, is it all about taking the business online? Well, there’s a lot more. When it comes to accept payments, one must know the difference between eChecks and the traditional paper checks. Upon comparing the two, a business can decide which way to go. Wait! Let’s begin by understanding the meaning of both.
This old-school methodology is all about drawing funds from the checking account. What happens is,
“Payer mentions the name of the payee over the ‘pay to the order of’ column. This is followed by signing the check by the payer.” Best thing about this check is that it is way safer than physical cash. Also, canceled checks are set as record of the payment.
As the name says, it refers to the electronic form of a usual paper check. It also withdraws funds from the checking account. Other similarity between the two? Just like tracking numbers on the paper checks, electronic checks too have tracking numbers. Lastly, these modern day checks can also be recorded in checkbook registers.
After understanding both these types of check payments, let us eliminate paper checks from the discussion and move forward towards eChecks.
Bright Side Of eChecks
First things first, eChecks enable making payments without facing the ugly face of debt. Payment gateways for electronic checks remain the same as the ones for credit and debit card. However, when it comes to the clearance time, these have super-fast speed as compared to paper checks; however, they are slower than credit and debit cards. Usually, it takes 4 days for eChecks to clear. Accepting them makes the business owners aware of the fact that verification of funds begins as soon as the eCheck is submitted.
More Perks Businesses Must Know About
When paying the bills is possible in seconds, why involve in the annoying game of printing, signing, stamping and mailing the checks? Want to discover more? Check out the below points:
Easy and safe
eChecks assure 100% protection against fraud and suspicious activities. However, best part is that payees are not required to share their confidential banking details, which in a way, makes them feel more secure.
No matter it’s about sending one check, few checks, creating a check payment, importing a check run or anything, it is possible effectually. For all the accounts payables, this payment method is the best solution.
Do you think this is it? Well, there’s a lot more to find out and take the benefits of. Wondering how? Start with electronic checks for your business, as that’s the only and the best way to reap their rewards. If you need any help, more information or want eCheck solutions from a trusted source, we are just a call away.