All this while you were encouraged to switch to card payments for taking your small business to higher avenues. And now it is about accepting eChecks. Eliminating the safe and convenient paper checks from the payment might not lure you at the moment. But as you will learn about the perks of availing eCheck services from a reputed provider it would get difficult to resist the need to use them.
Similarities & Differentiation Between A Paper And Electronic Check
The only similarity between traditional paper checks and the modern-era eChecks is the fact that they serve the same intents and purposes. But they are still better than the traditional paper checks because:
• they get less time to get processed
• electronic checks are more safe and error free
• they are environment friendly
• eChecks save time and money both
these factors play together to make them hassle-free and contribute to the increasing popularity of digital checks.
Comparison With Other Payment Alternatives
In the world of payments, merchants are often made to choose one option over other. With a large number of providers for each one of these payment alternatives the whole task becomes really intimidating for business owners. eCheck is not a new addition to the payment industry, it has been around for quite long. It is high time you count on electronic checks for making transactions in your business circuit.
Surprisingly it has got upper hand over most of the payment options but still it remains overlooked and under-utilized for majority of businesses. As follows are the one-to-all brief comparisons of eCheck processing with rest of the payment alternatives:
• eCheck and debit cards
Electronic checks are likely to be used by businesses, unlike debit cards which are used to fetch cash from ATM cards. Use of eChecks for retail point-of-sale payments and security adds to their abilities.
• eCheck and Automated Clearing House
They are too close to be easily misunderstood and getting used interchangeably but there is a considerable difference which is hard to ignore. Main difference is attributed to the party with which payment information is kept and subsequently sent.
While eCheck technology is new ACH has been around since 1970s. Both of them differ in the type of transaction as their business models are different. Not only the flow of information is different but they also differ in their legal requirements and risk management.
Electronic checks are considered superior than ACH, electronic fund transfer, secure electronic transaction and home banking etc for the alleviated risks, reduced errors, cost efficacy and time saving abilities.
This article originally appeared here: https://patch.com/florida/clearwater/classifieds/announcements/105269/why-you-should-integrate-echecks-in-business-payment-options