You’ve likely been using physical checks for your business for years, especially if your company deals with larger payments. While they are a popular way for customers to pay for a service, they aren’t always the best way to set up recurring payments or to have payments cleared quickly. This is where eChecks come in and were they can be a valuable assets to businesses. If you are looking for a faster way to receive payments, this might be the best option for you.
Here is some more information on eChecks and how they can help your payment processing.
What are eChecks?
eChecks are electronic checks that serve the same function as a regular check, but they can be delivered almost instantly and they take a lot less time to clear. You can often see them referred to as ACH (Automated Clearing House) checks because they are so quick to clear. They also come with the convenience of being processed digitally, which takes out an extra trip to the bank or waiting for the check to arrive in the mail.
However, unlike a paper check, you will need to set up the best merchant account that you can find in order to make the process simpler and streamlined in the future. A quality merchant account makes it possible for you to process your eChecks, and also makes it a straight-forward process when you want to set up recurring payments or bill clients electronically. To get started, you will need your clients’ payment info and bank account info.
How can they help my business?
For a business, eChecks can be an invaluable resource. Not only do they save you time, but because they are cleared so quickly, you can go ahead and start using those payments for your business almost immediately. It also helps when it comes down to organization, because you have access to all of your clients’ payment information and their transaction history. Without having a system to run this information through, it’s impossible to set up automatic payments or even charge something one time.
The fact that your business is able to process eChecks can add credibility to your business, because your operation has to be approved by merchant accounts. This can lead to a greater sense of security with your clients, as well as a better credit rating and reputation as a business. Of course, the greatest benefit for you is that you no longer need to have a comprehensive system for accounting. eChecks make it possible for you to simply keep an automatic record of your billing and clients’ payments. You can also integrate a number of different systems to if you are using a variety of merchant accounts, you can keep them all located in one place.
Everyone likes to make their business more streamlined and simpler, and there’s no better way to do that setting up eChecks for your company. Along with it being a simple process, it makes the entire action of running a business more pleasurable for you.