Posted by admin on Jun 29, 2016
Why Echecks are Replacing Paper

What is an Electronic Check

An eCheck or electronic check is an electronic version of a traditional paper based check.

An echeck account gives you the ability to automatically debit funds from your customers bank accounts.  Funds are then deposited into your business bank account.

Customers  provide their bank routing & account numbers.  Along with an authorization for you to debit their bank account for the money due. That's all it takes.  

Echecks are the modern way to accept check payments. No trips to the bank. No paper to deal with.  

Great, But How do they Work?

You can accept checks online with a simple API integration to your website. You can take check by phone, fax and email orders through a virtual terminal.  

ACH echecks are remarkably effective for recurring payments.  Customers rarely change bank accounts. Payments continue uninterrupted month after month, with no need to update account information.  

Compare this with card payments.  Since one in five cards are reissued each year, you have to constantly update card data in order for recurring transactions to be approved.   Which is time-consuming, labor intensive, and costly.

Numerous Benefits of Electronic Checks

Echecks  save you time and lower your operating expenses.  And you eliminate the hassle of dealing with paper checks.  

You can easily and digitally send and receive payments without moving an inch. However, these aren’t the only advantages of eChecks.

Minimizing Processing Expenses up to 60% - Electronic check processing can save you 50-80% over the cost of credit card processing

Quick Funds – eChecks are processed electronically and clear much more quickly than paper items.

eChecks are Greener – No more dealing with paper. eChecks minimize carbon emissions by saving 67.4 million gallons of fuel and reduce greenhouse gasses and emission by more than 3.6 million tons.

Conclusion

Paper checks are quickly becoming extinct. Electronic checks are faster, safer, and more cost effective. And are rapidly becoming the payment option of choice for businesses that accept check payments.  

How are you processing your check payments?  

Contact info@paynetsecure.net today