There was a time when operating a business was a very monotonous task. And in no way does that mean that doing business was ever ‘easy’. Anyone who does business or is even remotely associated with any type of business will know that partaking in any type of business and making it a successful one is one of the most tedious tasks that exist. There are many aspects of a business that need to be worked on a constant basis. One of these aspects is making and receiving payments. Checks have been the most favorite option for businesses when it comes to receiving payments for a long time. But there has been a little change in the last few years because of the advent of eChecks.
eChecks are just like the regular check, the prime difference being that eChecks operate on the electronic domain. So, in the essence, the eCheck, short for ‘electronic check’ has the features of both the traditional check as well as the new electronic medium that has been driving the business world crazy. Today a lot of businesses do not prefer to receive checks from their customers, instead, they prefer electronic checks that are received in a matter of seconds via the internet. The idea is to get the transfer of funds underway almost immediately without any delay. Regular checks can take up to days in case the customer is far away. For those who need to be reminded, the United States of America is a vast country. Even the fasted postal delivery service will take at least a few days for delivering a check from the east coast to the west coast. eChecks are slowly seeping into the mainstream as businesses are choosing it as the preferred mode of transaction. And not only that, merchant account service providers are increasing in number as well. The demand is especially high in the case of high-risk merchants.
But why do businesses need eChecks? Like, do they really need eChecks or is it just another bandwagon? The truth be told, eChecks are highly beneficial in many aspects.
Time is money and money is time. That is a very true saying in business. eChecks adhere to this saying and save tremendous amounts of time. The process of receiving checks that should usually take from a few hours to a few days in most cases is over and done within a matter of seconds. In today’s business scenario, a matter of seconds can mean the difference in success and defeat. Thus, eChecks prove to be far more beneficial for businesses in the United States.
eChecks are way more efficient than all the other financial instruments available in the market. They are quick, easy to use, and there is hardly any room for any type of error. With the advent of merchant services and merchant accounts, all the business has to do is send an online payment form to the customers and get their information filled up by them only. Once the information is filled up, the customers will send them to the merchant via the internet. The entire process is quick and highly error-free.
Management is easy
eChecks make accepting payments really easy. That is a stated fact. But what makes management of these payments easy is the availability of merchant account along with the eCheck services. High-risk merchant services are now available everywhere and these services make management of payment really easy. Different payment from different customers is now not an issue as every payment is on a different tab that can be managed accordingly.
There is a lot less labor involved in the case of eChecks. There is no work related to getting the customer to write an eCheck, there is not work related to getting the check in the physical form, and there is no work related to verifying the details given by the customers as all the details are verified automatically by the merchant account service provider. eChecks are literally labor free with all the work done by the merchant account service providers.
Tracking is an important factor in accepting payments from customers. Tracking payments are even more important when you are working in a high-risk industry. In the case of high-risk industries, the dynamics change a bit and move more toward the risky end. In such a scenario, tracking payments is important for the business for a safe and secure transaction. In the case of other modes of payment, there is technically no possible way that you can track your payment from the customers. You can maybe try and put a tracking device on the check or draft but that is not practical enough, to be really honest. eChecks, on the other hand, are easy to track at every stage of the payment with virtually no chance of a fraud and error.
Easy to use
eChecks are easy to use. You do not need an expert in eChecks to actually use them in your business and receive payments from customers. They can be easily integrated into the payment gateways or can work smoothly along with merchant account services. As an instrument of payment, eChecks are very flexible and can be used with the existing infrastructure of your business’s finance department. As a result, the cost of adoption is substantially low.
Getting customers to get their pen rolling for writing checks can be a difficult task at times. You see, it is not easy to get prompt payments. The cases where the customers make their payments in a quick and prompt manner are rare. However, eCheck solve this problem quite easily. Getting customers to make payments quickly via eChecks is relatively easier as all they have to do is fill up an online payment form. The rest is taken care of by merchant service providers.
Do you still wonder why eChecks is the next big deal in the finance domain and why businesses really need to incorporate the use of eChecks in their day to day operations?
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