5 Advantages Of Using A Digital Check For Business

5 Advantages Of Using A Digital Check For Business

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Are you tired of waiting for your paper checks to clear so that you can receive payment from clients? Would you prefer an alternative that works with today’s technology?

If so, then it may be time to consider using digital checks to get what you need. You can link this payment option to your checking account, as well as your debit or credit card, so your money deposits and withdraws automatically. That being said, many who are new to the concept of these digital alternatives may ask about the differences between paper checks vs electronic checks.

Electronic checks provide a level of convenience you won’t find with paper alternatives. With our digital tools, you’ll be able to streamline how your business handles payments.

Here are five advantages of using a digital check for business.

1. Save Time With Faster Funding

Do you find yourself using a high volume of paper checks in your business? Not only do these take time to go through the bank, but they also require time and effort to track, whether it’s making sure a client’s check clears at the bank or keeping up with which checks have been processed and which haven’t. This is one of the biggest considerations to make when weighing paper checks vs electronic checks. If only there was a way to bring checking into the modern era…

An electronic check does just that! But what is digital checking? Also known as an e-check, this option allows you to use digital checks to process incoming and outgoing payments in the same way you would with a physical check. This means you can handle all your payments through a convenient online system, which keeps you out of those long bank lines.

You can instantly process checks from your customers, accepting them through phone, fax, or the web. Seamless Chex can handle the deposits directly to your bank or you can just print the checks and process them using your mobile banking app!

Of course, you can always take your printed checks straight to the bank if you prefer that option. You won’t need to worry about ordering more physical checks while you’re there, however, since you can simply make your outgoing payments using the same convenient e-checking system.

2. Bank Account Verification

In business, a surprising amount of time can go into collecting payment – something to keep in mind when you’re considering paper checks vs electronic checks. What is an e-check, then? It’s a guarantee that your payments will happen more quickly, and you can take that straight to the bank!

Not only will you save money, but you’ll also be able to expedite the process of getting paid. Faster payments make for better cashflows in your business, and that’s something everyone can smile about.

Not only that, bank authentication keeps you from accepting checks that were written from insufficient funds. In short, if your customer can’t afford to pay the check, our system won’t accept it. That means no more fees for bounced checks! This also allows you to quickly distinguish between those who can and cannot afford your services, freeing you up to focus on the right people. So, what is digital checking? Put simply, it’s a better way to pay and accept payments!

Another excellent benefit you’ll find when considering paper checks vs electronic checks is that e-checks also allow you to set up automatically recurring payments with your clientele. That means you spend less time chasing down checks every month, and more time making deposits.

3. Enjoy Better Security

If you’re using an e-check online to make or accept payments, you’ll enjoy safer payment processing. Digital checks rely on the same security system that makes direct deposits and payments possible, which ensures that the best digital eyes are kept on your money.

Digital checks also have an encryption feature that keeps track of the account number and amount of money on the check, a benefit worth swaying you to the electronic side of things if you’re looking into paper checks vs electronic checks. This ensures efficient and accurate processing. You’ll also have your own secure payment link. You can manually enter payments through this link, or your customers can make payments using it. Then all you have to do is print and deposit in whatever way works best for you!

You can even purchase a check scanner for your business. This allows you to instantly make deposits from your office without using a mobile banking app.

4. Make and Accept Payments Anywhere

a hand holding a cell phone that has a “sign here” sticker on it

The modern world moves quickly, and purchasing decisions are often made from gut instincts. Anything that adds time and effort to the payment process becomes a point where you could lose valuable sales. This is arguably one of the most important things to remember when deciding between paper checks vs electronic checks.

Don’t deliver your best pitch, only to lose them when it comes time to break out the wallet or, even worse, accept a bad check. You have to offer a wide range of payment options these days. The more convenient they are for your customers, the more sales you’ll make, even those who aren’t well-versed in what digital checking is and can be.

Varying methods of online payment allow you to accept money anytime, anywhere. You could be halfway around the world and still able to accept payments from your customers and clients. It’s so easy, in fact, that people can write that digital check while you’re still talking.

5. Better Cashflow Monitoring

For many, deciding between paper checks vs electronic checks can come down to the fact that e-checks provide one of the easiest ways to monitor cash flow on top of handling incoming payments for your business.

Digital checks come with technology that lets you create a digital checkbook showing what you have deposited, how many checks you have left, etc. If you use a digital checking company to process payments, it usually has a built-in invoicing system as well. That means you can manage everything from one space. You’ll be able to see your sent completed and incomplete invoices on one dashboard.

So, not only do digital checks make it faster and easier to send and receive payments, but they also help you understand your monthly balance sheet at a glance.

Why Should You Choose a Digital Check?

In today’s world, paper checks vs electronic checks simply isn’t a debate. Making payments with a digital check provides you with conveniences that aren’t available with paper checking. You’ll save time and money, not to mention you may just increase your clientele. Business is about convenience, and your customers expect a wide variety of payment options.

If you want to learn more about digital payment methods, check out our services to learn more about how we can help you have a seamless checking experience.

Right payment solution for you infographic

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