Electronic Check Payment services or “e-check” is a kind of payment system that provides merchants the option to offer their customers the choice of paying for goods by check but enables the check to act as a debit or credit payment function. The amount and needed information such as bank account numbers from the check is captured and routed through the Automated Clearing House (ACH) which transfers the money to the merchant’s account via e-check services data conversion in just a few hours.
The clear advantages of using this kind of payment method for both merchants and consumers include:
- Convenience and Efficiency
E-check payments reduce the amount of paperwork and the number of people needed to process the payment. In place of people, computers are the ones used to run the process from end to end thereby boosting convenience.
Since less people are involved in the payment process, the risk of human error is reduced in the transactions. This method also enables the merchant and consumer get accurate purchase and bill payment records.
The transfer of information between banks is improved significantly which reduces the amount of Non Sufficient Funds (NSFs). Merchants are informed right away when there is lack of funds without incurring additional fees which gives them the time to deal with consumers quickly using an alternative payment option.
Consumers on the other hand also get to avoid NSF fees as they are given the option to approve or reject an e-check more quickly.
- Payment Flexibility
E-checks give merchants the option to provide more payment options to their customers. It also enables customers to pay by check 24/7 with any merchant who can receive e-checks.
With e-checks merchants can use the internet, the telephone (Telephone automated payment option) giving their customers flexible payment options and convenience for their purchase and bill payments.
Truly, the advantages of using e-check payment services prove to be very rewarding for both merchants and customers. Choose to integrate this payment option in your transactions and reap the rewards.