An e-check is an electronic version of the traditional paper cheque, enabling customers to make online payment transactions through a safe and secure payment solution. This alternate method of payment allows customers to pay for goods and services without having a credit/debit card.
E-Check processing explained
There are a number of advantages e-check processing offers to both companies offering e-checks to their customers as well as for customers using e-checks to make their payment transactions online. The main benefits for a company offering e-checks as a payment solution to their customers include the following;
- Save Money – after the initial set up cost, the processing of e-checks costs much less than the processing of paper cheques.
- Instant Processing – e-checks require instant processing in comparison to paper cheques which most companies process in batches after certain period of time (daily, weekly, monthly).
- Worldwide Appeal – in contrast to the paper cheques, e-checks from any bank and currency from all across the globe can be accepted through the online gateway. As a result the merchant can attract customers worldwide.
- Secure – the e-check uses the same network as Direct Deposit and Direct Payment thus ensuring that the method is reliable and trusted by merchants.
- Reduce Error – customers input their details into an online gateway, hence reducing errors.
In addition to these advantages for the company offering clients e-checks, the customers are able to benefit greatly as well. The following are the benefits for the customers employing e-checks as their online payment solution;
- High Security – encryption of bank details enabling reduced risk of fraud and scams.
- Simple Process – e-checks are a payment solution which is easy to understand and use for customers worldwide.
- Instant Payment – the customer’s payment is acknowledged and approved instantly.
- Accessibility – ability to make payments anytime through the online gateway at anytime.
- Environmentally Friendly – the method is favored by customers as it illustrates environment awareness, reducing the issuance of paper cheques considerably.
To learn about the e-check processing solutions we can assist you with, view our E-Check Processing services page.