There are a lot of online payment methods out there, but sometimes you feel more comfortable with old-fashioned checks. But what if you could have the best of both worlds? EChecks are a quick, effortless, and viable payment option that you should definitely consider taking advantage of.
The term “eCheck” refers to “electronic check,” in case you hadn’t guessed that. It’s a way to pay for services rendered, however, rather than writing the recipient a physical check “that they then have to deposit and wait for the money to be credited to their account, the funds are transferred immediately. We see eChecks in everyday uses such as employers making direct deposits to their employees for payroll, the IRS sending a tax refund, and when people set up automatic withdrawal for things such as gym memberships.”
EChecks are pretty mainstream in some regards, but not all businesses are taking full advantage of them. So where can you get them, and why should you be using them?
Consider Deluxe eChecks. All you need is an email address to send an emailable payment to whoever you need to. The eChecks Deluxe offers are “not EFT (Electronic Funds Transfer), ACH (Automatic Clearing House), and they’re not Online Bill Pay.” They’re simply good ole’ checks but evolved (and there’s also a zero percent chance that they’ll get lost in the mail).
So why should you be using them? One, because it saves money. You’ll save money on physical check stock, postage, envelopes, and ink (you know how expensive printer ink can get, and if you hand-write things you always lose your pens). They’re also less subject to human error (you don’t want to have to white-out a physical check when you accidentally write one too many zeros).
Oh, and it’s a less laborious process, too. It’s not like writing/printing and mailing a check is really that much of a hassle; it’s all easy, but still… you’d rather not do it. With eChecks, all you need to do is click your mouse.
What is laborious when it comes to physical paper, though, is on the recipients’ ends. Even if they use a mobile app to deposit a check via photograph, they still have to endorse it and upload the picture (which sometimes requires more than one try). If you want to spare whoever you’re paying the trouble, and you want them to receive their payments faster, they’ll certainly thank you for it.
EChecks are also easier to track. Unless you put a tracking device on an envelope, you have no real way of detecting where a check you mailed currently is. One of the key benefits of eCheck payments is the tangible evidence of transactions. They are easy to trace and manage digitally, that reduces the risk of payment discrepancies with your suppliers, customers, and vendors. Disputing payment disagreements is annoying, so why not eliminate the need for it entirely?
Don’t worry about eChecks being difficult to use, either. Most eCheck payment processing solutions will easily integrate into your existing accounting and sales infrastructure. Your customers can transact via eChecks, and the transactions are easily logged into your accounting software. This eliminates your cost of adoption. Deluxe is amongst those solutions that are easy to use, and folks don’t need a Deluxe account to receive payment.
It’s also wise for you to encourage people paying you to pay via eCheck. They’re great for things that require constant payments, like membership fees, and everyone loves to be able to pay with their phones. Imagine a world where your customers pay you quickly, your records are cleaner and more accurate, and you can avoid chargeback rates… sounds pretty ideal, right? It doesn’t have to be just in your imagination.
Did you know that check fraud is the most prominent kind of payment fraud in the United States? People receive checks that bounce more frequently than you realize, and scammers like to post ads for cool and tempting prizes that ultimately sap you of your hard-earned money.
Deluxe eChecks have “taken the appropriate steps to ensure the security of your payments. [Their] eChecks boast state-of-the-art security features along with minimal contact points, virtually eliminating the chance of fraud. Deluxe eChecks are some of the most—if not the most—secure checks on the market today.” All eChecks are verified, so you don’t have to worry as much about bad ones. What’s not to love?
So, when do you plan on using eChecks in your business?