Why accepting electronic checks is essential for the growth of businesses?
In today’s digital world, businesses that accept eCheck payments are more preferred by customers. This happens because they feel more comfortable & secure when they pay their bills via electronic checks. Electronic checks let customers enjoy online shopping anytime and from any place. eChecks can be done online or via phone in a very easy and hassle-free manner.
Electronic check payment processing procedure
The processing of eChecks is executed almost similar to paper checks. The processing procedure involves use of an electronic checkbook that contains encryption tools, check processing software and other required tools. Whenever transaction is to be initiated, a blank eCheck appears on the customer’s screen. The fields like date, account number, memo, etc. are already filled. A customer has to insert the e-book into the check processing machine. The customer then needs to unlock the checkbook by filling the required details. The serial number of the eCheck is filled automatically by the electronic checkbook device.
After that the reader tool verifies all the information and then digital signature is attached. The details and copy of a signed electronic check can be stored by the payer for future reference. The best thing about eChecks is that the digital signatures can be easily verified at any time.
Key benefits of accepting eChecks for the business
Security: eChecks are more secure than paper checks as they process under numerous security features like Secure Socket Layer (SSL) to advert frauds. Moreover, they are covered with legal constraints that are almost similar to paper checks, and thus, same legal actions will be granted to the person who tries to commit fraud.
Convenience: Unlike paper checks, there is no need to visit a bank to deposit eChecks. Moreover, as the eChecks are almost similar to paper checks, understanding electronic check payment processing is not difficult. The process will certainly not create any confusion or difficulty when a business starts accepting eChecks. Thus, the business owner will feel more comfortable when they start accepting eChecks.
Fast Processing: Compared with paper checks, eChecks process faster and as a result, business receives the funds instantly. The payable amount is withdrawn from the payer’s account and deposited to the business’s account in just a few minutes. It saves precious time that business can utilize in many other vital activities.
Affordable: The key benefit is that eCheck processing cost less than credit card processing. Thus, a business can save considerable amount of money by accepting eChecks. Saved money can then be utilized in many other vital business activities.
So, if you want to make your business more friendly for your customers, then start accepting eChecks.
This article originally appeared here: https://paycronn.blogspot.com/2020/01/why-accepting-electronic-checks-is.html