A new way for the auto industry to pay
Despite major advancements in the payment industry, there’s no perfect way for auto businesses such as dealerships, repair and body shops, and auto parts providers to make payments. ACH transactions are secure and fast, but require the recipient to supply their private banking information. Credit cards are everywhere, but the merchant pays big fees for the convenience. Checks are secure and easy, but can get lost or intercepted by fraudulent parties.
Deluxe, a trusted checks provider with more than a century of experience in the payments landscape, has developed a solution. eChecks are a secure, affordable, online payment product that allow businesses to instantly create and send a check to anyone with an email address. They work just like the paper checks you use now, but are sent by email.
Digital security measures
An eCheck is created and retrieved in a secure online portal that allows only the intended recipient to access and deposit your check. When you send an eCheck, the recipient is notified via email that a payment is waiting, but the check is not attached to the email, and no banking information is transmitted. Check recipients and banks can easily verify the check’s authenticity.
“Your average paper check gets touched by seven individuals during its lifecycle. Your average eCheck gets touched by two. You can have multiple layers of control, but it doesn’t slow down the customer experience in any way,” says Chris Clausen, Director of Payments and Transactional Solutions at Deluxe.
The eChecks system allows multiple members of your business to initiate payments, and for the account holder to control their activity. An employee can create an eCheck, but the account holder must approve the payment before it can be sent. The separation of controls empowers employees to create their own payments while safeguarding against theft.
“If you have check stock at an auction, it would be difficult to account for it,” says Clausen. “With an eCheck, you can issue the payment on the spot, and you can have remote oversight as to which items are being approved and sent.”
Remote payment processing
The eChecks system lets business owners pay from anywhere, using their computer, smartphone or tablet. Employees can make payments at auto auctions, in the service bay, at parts suppliers or on the dealership lot — no matter where the boss is located at the time.
“You could have your operations person write a check at an auto auction, and have your CFO off-site approve it. That can all be done remotely and quickly,” says Clausen.
The product also integrates seamlessly with Quickbooks and Positive Pay. And while eChecks aren’t suitable for every payment need, they are a valuable addition to business owners’ toolkit.
“Credit cards, ACH, eChecks: each payment solution has issues that make it difficult for it to be used 100 percent of the time. That’s why when we talk to banks, we say most businesses are going to need more than one type of payment option.”
Pay by check. Send by email.
Deluxe eChecks are a fast, easy and secure way to send payments.