electronic check system is electronic versions of paper checks. Electronic check acceptance faster than paper checks. They provide high levels of security.
Every Time you use a traditional paper check, you hurt the environment. Echecks are processed online. They are digital and can help you reduce your business’s carbon footprints. No wonder businesses from different industries are switching to electronic check system.
The major difference between the electronic check clearing process and the paper check processing process is that echeck are processed digitally. So instead of a person filling out a paper check and sending it to a bank for processing, technology allows the entire process to happen electronically.
Here are some compelling reasons to use electronic check services.
Check frauds are on the rise. Manipulating paper checks is as easy as 1,2,3. electronic check transactions are more secure than paper checks. Every ACH transaction is encrypted. Electronic check companies use the reliable ACH network to process fund transfers.
The average cost of processing a paper check is $1.22. Paper checks have to be sorted and transported (which is both inconvenient and costly). electronic check clearing can be processed online. You do not have to take them to a bank for clearance.
The process of electronic payment system is not a labor-intensive process. The average cost of processing an echeck is just $0.50 (almost 50 percent less than processing a paper check). Echeck processing rates are usually lower than card processing fees.
Transactions facilitated by echecks are free from geographical constraints. Unlike paper checks, echecks can be processed from anywhere in the world at any time.
Echecks usually clear faster than paper checks. Unlike traditional paper checks that are cleared manually, echecks are processed electronically. This speeds up the entire process.
If you want to offer electronic checks as a payment option to your customers or send checks, you must sign up with an electronic check processing service. While certain payments can be made without an echeck processing service, a provider will streamline the process for you.
Before signing up with an electronic check processing service, go through customer reviews. Check their website security authentication (displayed as a tiny green or grey padlock symbol next to the website URL.
Follow these steps to send an echeck.
Fill out the Online form
To send an echeck, you will first have to fill out an online form with details such as your account number and bank’s routing number. The link to the form will be mailed to you or you will receive it via an e-commerce electronic check payment button.
Provide a Digital signature
Once you have filled out the online form, provide your digital signature. Make sure the name on the form matches the name on your credit card.
Submit the Payment
Submit the payment for clearance. Once you submit an echeck, it will enter the electronic check clearing system. The check will go through checking processes and will be transmitted through the ACH network. Once your account is debited, you will receive a receipt.
Receiving echecks
To receive electronic checks, you will first have to set up an account with an echeck processing platform. Once you have set up an account, you can generate email links through which customers can pay. You can also give your customers cart payment options.
If you want to process paper checks electronically, buy a scanner to automatically convert paper checks and the information they hold into digital form.
Once the payer writes the check, the payee must scan it to convert it into an echeck, after which it will enter the network for processing. The paper check is voided after the transaction is complete. The payee can either keep the check or return it to the payer with the receipt.
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Premium Payments offers cutting edge remote payment solutions. We are committed to helping businesses speed up their payment cycle by offering ACH payment services, Electronic check services and Credit card Processing services. We offer payment processing solution for Auto Dealers, law firm and attorneys, Insurance agents/companies, Accountants and Accounting firms, Non-profit organizations and Property management companies. Call (954)-934-9004, (305)-747-5855 or email us at info@premiumpymts.com To Start Your Risk Free Trial. No Credit Card Required.
