As a business owner, you’re always looking for ways to streamline your payments and get paid quicker. That’s where electronic checks come in. Electronic checks, also known as eChecks, are payments processed electronically rather than with a paper check. This digital solution can save you time and money, making payments more manageable for your customers and employees. In this blog post, we’ll explain what electronic checks are and how they work, as well as why you need them for your business. Learn all there is to know about electronic check services today.
What is an Electronic Check?
An eCheck is a payment sent and processed electronically rather than through paper checks. Like a regular check, eChecks can be used to pay for both goods or services. However, there are several critical differences between electronic and paper statements:
- An eCheck is electronically withdrawn from funds in the same way a check does but requires no stamp, paper, or prolonged waiting process.
- eChecks are faster than traditional checks, and there are no fees associated with their use.
- eChecks are more secure than paper checks, as they include state-of-the-art security measures.
When a customer pays you with an eCheck, the payment is processed through automated clearing house (ACH). Electronic check processing involves a few key steps:
- The first step is an authorization request. The receiver will submit a request for the transaction to take place via a signed order form, online payment form, or phone call. At this time, the customer’s bank verifies that they have enough funds in their account to cover the payment.
- The second step occurs after authorization is complete. Then, the banking information runs through an online payment processing software with its corresponding payment information. The third step is ACH processing. The automated clearing house is necessary for all electronic check services.
- The final step is when the money is transferred from the customer’s account into the receiving account, automatically withdrawing funds from the company’s or customer’s bank account. This usually takes a few days, but it can be faster than waiting for a paper check to come in the mail.
Why do you Need Electronic Check Processing?
Electronic check processing is a must if you’re doing business online. It’s fast, efficient, and secure – all things that are important to you and your customers. Plus, it’s a great way to streamline your payments and get paid faster. So if you’re not already using electronic checks, what are you waiting for? Give them a try today!
Types of businesses that need eCheck processing:
- Any business that wants to get paid faster and more secure
- Companies that operate online
- Businesses that want to save on credit card processing fees
- Businesses that deal with high-cost items or monthly fees
Where to get Electronic Check Services
Suppose you’re a business owner who wants to start using electronic checks. In that case, the next step is to find a payment processor that offers eCheck processing. There are many processors to choose from, but your company needs the expertise of Seamless Chex. At Seamless Chex, we walk you through the process of setting up eCheck processing for your business. It’s easy to get started, and you’ll be glad you made the switch! Contact a Seamless Chex representative today to improve your business and modernize your payment processing.