We’ve heard that question a lot since launching eChecks in 2013, and thought it would be a perfect time to share what eChecks are and how they fit within the scope of other payment options.
In today’s digital business climate, the traditional check is still in use. Research shows that businesses issued more than 13.1 billion paper checks in a given year. This popularity can be attributed, in part, to the fact that checks still provide critical capabilities that many online payment systems can’t offer. However, conventional checks are not without their drawbacks, and the demand for a payment system that combines the qualities of a traditional check with the convenience of an online payment system has created a new form of checking perfect for today’s digital business climate — Deluxe eChecks.
Deluxe eChecks are the first check-based service that allow businesses to create and send payments to anyone from anywhere via the Internet. They’re fast, easy, cost-effective and secure. And they don’t require additional software or an investment in new technology. If your business has never considered eChecks before, there are many other benefits you should be aware of when comparing eChecks to conventional checks or other online payment options.
The benefits of traditional checks exist in eChecks
While checks are declining in some business-to-consumer industries, this payment form remains alive and strong in the business-to-business market. eChecks, however, offer many of the same benefits found in traditional checks with the bonus of being in a user-friendly, digital form. These benefits include:
* The ability to send a payment with attached remittance information.
* Providing payment without sharing sensitive banking information of the payee.
* Issuing payments to parties without bank accounts.
* Separation of duties by allowing one person to create the check and another to approve it.
* Increased security and fraud prevention.
By complementing your payment options with eChecks, you will maintain all of the benefits you appreciate in traditional checks while adding an easy-to-use digital form with eChecks.
Comparing eChecks to other online bill paying options
We know that eChecks benefit businesses by allowing them to save time and money without sacrificing security. They also provide the flexibility to pay anytime and anywhere, but these qualities are found in some other online bill-payment options like Bank ACH, Online Bill Pay and PayPal as well. So what makes eChecks different?
Each online bill-paying option has its positives, but Deluxe eChecks is the only payment system that provides all of the following:
- Only the sender is required to sign up for the service.
- The sender does not need to know the receiver’s banking information.
- The receiver is not required to have a checking account.
- The system works with accounting software.
- The payee receives full, free form remittance data along with the payment.
- The sender can issue multiple payments at the same time in a batch run.
- The system includes built-in separation and controls for payment and approval.
- Payment is delivered immediately.
- The system features an open-access website to support fraud detection and prevention.
Bottom line? eChecks allow you to pay with the confidence of a check using the speed of email.