Plus, you’ll be able to accept many more types of payments, giving your customers options and making it easy for you to get paid. Accepting eChecks with QuickBooks Payments, you’ll get lower rates than PayPal and Square and your books will automatically reconcile for every payment you accept. Like any form of payment, merchants and customers are encouraged to use security recommendations to protect their payment information.ĮChecks can be a welcome addition to your business’s list of accepted payment options that make getting paid safe and paper-free.eChecks are viewed as a reliable, safe, and cost-effective alternative to paper checks, wire transfers, credit and debit transactions, and other payment types. eChecks use the ACH network to electronically transfer funds between merchant and seller bank accounts.eChecks are a form of EFT that enables merchants to easily collect recurring payments, process payroll, initiate online payments, and more.As you navigate the complexities of electronic payments, specifically eChecks, keep these key points in mind: It’s important to do your research before you decide to include them as a payment method. All in all, eChecks can reduce payment processing costs by up to 60%. Processing fees for eChecks are typically more affordable than other payment methods, like credit cards, which can range between 1.5% to 3.5% of each transaction. For the most part, individuals don’t change their bank account information often-or ever-so you’re likely to have fewer payment gaps than having credit cards on file, which change every few years.Īnother big benefit eChecks offer merchants and other small businesses is their cost-effectiveness. If your business collects recurring payments from customers, eChecks can be a more consistent payment method than credit cards. The ACH system is governed by the Federal Reserve as well as the National Automated Clearing House Association, which upholds strict regulatory guidelines for participating banks and providers.ĮChecks pass through far fewer hands than paper checks, which not only speeds up the transaction process but also mitigates fraud risk (more on that in a moment). eChecks use the ACH network to process transactions. eChecks also provide a digital transaction log that feeds data to your accounting system, making reconciliation simple.ĮChecks are generally considered to be a reliable way of transferring funds. Your customers will benefit from having more easy ways to pay, and you’ll reduce the risks of human error during payment processing. ACH payments are a convenient and secure payment method for B2B transactions. If your business frequently processes paper checks or has recurring transactions with customers, eChecks can save you time. Below, we’ll outline three of the main benefits eChecks offer business owners.
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