eChecks: Why Businesses Should Offer This Secure Payment Method
As a small business owner, you know that it pays to ensure every courtesy is extended to customers. Doing so increases the odds that they will do shop with you rather than spend their money elsewhere. When it comes to payment methods, consider adding eCheck processing to your offerings. Here are some of the reasons why this approach is good for you and your income stream.
Making the Deposit Process Easier
Think of everything that you have to do in order to process standard paper checks. There’s the need to manually write or at least stamp your deposit information on the back of each one. You also have to spend time filling out the deposit slip and adding up the total for the deposit. At some point during the day, you’ll need to slip out and take the deposit to the bank.
If you already accept eCheck payments, much of the work is done for you already. The software used to create and accept the check will automatically encode it with your deposit information. The system can also provide a quick list of what’s to be deposited that day. Instead of having to go to a local branch of your bank, a couple of clicks and pressing the enter key a couple of times is all it takes to have the task done.
No More Lost Checks
Have you ever been in the middle of preparing a deposit and had to leave your desk for a few minutes? When you come back, one of the checks you were about to record on the slip has managed to fall into that tiny space between your desk and the wall. It’ll be months before you find it. In the meantime, that’s money you can’t use to run your company.
With eCheck processing, there is no such thing as a lost check. The data is backed up, so you can always retrieve the information if there is a momentary glitch or you lose your connection.
Depending on your bank’s policies and the time of day that you prepare deposits, there’s a good chance that the funds from those eChecks will show up in your account on the same business day. That comes in handy if you have an invoice that you need to pay now instead of waiting until tomorrow. See the eCheck processing as one more way you can manage your revenue stream to better effect, and minimize the potential for incurring late fees and other penalties.
You Have Complete Security
Current laws and regulations provide you with a wealth of protections when it comes to all types of electronic transactions. That includes the eChecks that you accept. Thanks to the way the software works, you have quick verification of the routing number, bank account number, check total, and even the signature of the person issuing the check. In terms of protecting you from fraud and the possibility of loss, this approach is hard to beat.
Installing the equipment needed for the scanning and processing is not as difficult or expensive as you may think. Talk with a professional about how to integrate this into the typical checkout process that your employees currently use. Ask some of the other business owners in the area about their experiences with eCheck processing. By the time you finish with the research, you’ll be ready to implement this option as quickly as possible.