Every time a new technology is introduced many people stand in its favor while several others try to oppose its use. Payment industry has completely changed in recent few years. These changes are here to stay for long. eCheck payment is not a very new concept as such but considering its vast potential, it will not be wrong to say that this payment channel is still under-utilized.
Businesses these days make tons of transactions every day. Let this blog shed light on the lesser known advantages of sending and receiving payments through eChecks.
Importance Of eChecks As a Sender
Running a business does not only mean collecting payments from your customers. Merchants have to make various expenses for running the business operations. These can be strictly professional such as paying the office rent and clearing out payments of transportation and other vendors. Furthermore, business owners can also use this ultra-convenient mode of payment for paying club membership or various other bills or payments.
1. Make instant payments
Running a business means there are several errands at your disposal. There can be some urgent or some skipped payments which you may want to reach the payee instantaneously without any worry that whether they would reach before time or not. eCheck will keep you away from all such worries as it moves at the speed of mail. Enjoy power to pay bills within a couple of seconds.
2. Save Money
While switching to eChecks you don’t incur an additional cost but enable your business to save money. When you make use of paper checks, the cost includes the cost of a paper check, envelope, stamp and time. You save as much as $1 per check when you choose eCheck.
3. Save Time
eCheck allows you to save precious time spent in visiting banks for both sender and receiver. Also, the processing time is much less than the paper check.
You can pay anywhere anytime through eChecks. No matter whether the branch is close or far away from your place, you can pay from any corner of the world whenever you need to.
Importance For A Receiver
It is also important to look at the picture from the other perspective. You should know why you should encourage your customers to pay through eChecks. Getting rid of bounce checks is possible now. Also, you don’t have to deal with chargebacks and fraud check cases when you accept electronic check.