Why Your Business Plan Should Include eCheck Processing
You already know the value of accepting credit and debit cards. Many of the customers who drop by your store or order from your website would go elsewhere if they did not have those payment options. Before deciding that you’ve covered all the bases, it makes sense to look into the idea of adding eChecks to your payment options list. Here are some of the ways that you’ll benefit.
Your Processing Cost is Less
Think about the fees that your bank charges when you deposit paper checks. Depending on which institution you use, depositing a couple dozen paper checks every weekday could add up to a tidy sum. There are all sorts of other things you could do with that money.
With eCheck processing, you’ll pay a fraction of that amount for depositing the checks. You get to keep more of the money, something that helps to keep your overall cost of doing business lower. Who wouldn’t like to enjoy more net profits for their efforts?
Think about what it takes to prepare and submit a traditional deposit. You have to sort the checks, record every one as a line item on a deposit slip, then add the total for that deposit. At some point during the day, you will need to go to the bank and wait for your turn to hand the checks and the deposit slip to a teller. Once the teller provides you with a receipt for the deposit, you make your way back to the store and get back to whatever else you have to accomplish.
Compare that with being able to quickly process the checks in a batch and have the funds in the bank without having to leave your place of business. Deposit the checks while you participate in a conference call, talk with an employee, or manage any number of other tasks.
Remember that many banks accept eChecks that are submitted using a smartphone app. Use the camera on your phone to capture an image of the check, then use an application to deposit it in your account. The image recognition software used by the bank will verify the data and make sure the funds are credited to your account.
Funds Are Available Faster
If you plan on making a deposit at the bank, make sure you get there before 2:00 p.m. Many banks won’t post deposits made after that time until the following business day. By contrast, you can do the eCheck deposit at your leisure, and the bank’s network will scan, verify, and make the funds available to you even if you don’t submit the checks until later in the day.
The Security Angle
A lot can happen with paper checks. You could lose them on the way to the bank. They could be damaged if you happen to be involved in an auto accident. Perhaps one slipped in the space between your desk and the wall, and it never gets to the bank at all. With eChecks, you don’t have to worry about any of these issues taking place. Thanks to the way the checks are encrypted and verified, you have a permanent record of the transaction that you can access any time you like.
While you still want to offer customers other options, it pays to add eCheck processing to the mix. You’ll find it easier to track, more affordable, and your clients will love the ability to pay by using this method.