Should Your Small Business Accept Echecks?

August 1, 2019 by OSYB Staff

If you haven’t looked into echecks you may be missing out on being paid more efficiently and faster. Intuit QuickBooks breaks down what echecks are and how they work.

Echecks work just like paper checks but are electronically transferred from the customer’s account to yours. The transfer of money goes through the Automated Cleaning House (ACH). ACH is an electronic network maintained by the Federal Reserve. All banks in the United States use this platform for payment processing companies to move funds between institutions.

Here are some possible benefits of offering echecks as a payment option:

• Offers customers another payment option
• Transactions are smoother, diminishes paperwork but tracks the payment flow
• Eliminates some costs like credit card processing fees, echeck fees are lower, and companies like QuickBooks process echecks for free
• Payments occur within a shorter time frame, as low as three to five days into your account, and QuickBooks, “Pay Now” feature makes it easy for your customers to pay you online right away
• Recurring payments are simplified, as with this payment process, you are authorized to automatically deduct that money each week, or month, or any set time
• Probability of fraud is almost eliminated as the payment process is verified but more difficult to intercept or steal
• Tracking is seamless as echecks makes it easy to automate financial transactions thus making them easier to track

***

For full article: Why your business should use Echecks

Image Credit: Deposit Photos