It’s important to do your research before you decide to include them as a payment method. All in all, eChecks can reduce payment processing costs by up to 60%. Processing fees for eChecks are typically more affordable than other payment methods, like credit cards, which can range between 1.5% to 3.5% of each transaction. For the most part, individuals don’t change their bank account information often-or ever-so you’re likely to have fewer payment gaps than having credit cards on file, which change every few years.Īnother big benefit eChecks offer merchants and other small businesses is their cost-effectiveness. If your business collects recurring payments from customers, eChecks can be a more consistent payment method than credit cards. The ACH system is governed by the Federal Reserve as well as the National Automated Clearing House Association, which upholds strict regulatory guidelines for participating banks and providers.ĮChecks pass through far fewer hands than paper checks, which not only speeds up the transaction process but also mitigates fraud risk (more on that in a moment). eChecks use the ACH network to process transactions. eChecks also provide a digital transaction log that feeds data to your accounting system, making reconciliation simple.ĮChecks are generally considered to be a reliable way of transferring funds. Your customers will benefit from having more easy ways to pay, and you’ll reduce the risks of human error during payment processing. ACH payments are a convenient and secure payment method for B2B transactions. If your business frequently processes paper checks or has recurring transactions with customers, eChecks can save you time. Below, we’ll outline three of the main benefits eChecks offer business owners. Security considerations to keep in mind when accepting eChecksĮCheck transactions can be especially useful for recurring payments and direct deposit, but several other perks may be beneficial for your business.
ELECTRONIC CHECK REGISTER FREE HOW TO
How to accept eChecks in your small business.Read on to learn the ins and outs of eChecks, or use the links below to navigate to the section that best covers your question. In this post, we’re taking a closer look at how eChecks work, their pros and cons, and how your small business can start accepting eChecks as a form of payment. From the bartering days of medieval periods to the contactless mobile payment systems of the present, it can be hard to stay on-trend with today’s transaction types.ĮChecks, also known as electronic checks, are a payment method designed to facilitate online transactions securely. Like many things, the way we make transactions today looks much different than it did a century, decade, or even a year ago.
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