Electronic Check Benefits
It costs on average $1.22 to process a paper check. An average echeck costs you only $0.55.
Electronic check processing requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
Electronic check processing relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with electronic check processing.
The number of electronic check payments processed in the U.S. increased to 2.75 billion payments in 2008.
Four out of five consumers who use electronic checks as a form of bill payment say they are very satisfied with it
Electronic check processing has been shown to reduce the number of returned payments and posting errors due to the speed of processing (compared to mail and paper checks).
Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.
Timing of incoming payments from customers will be more predictable and reliable, improving your cash flow. Learn more about electronic check (ACH) funding times.
Reduce bad check write-offs, returned-check fees and check collection hassles
Improved cash flow
Eliminates bank processing fees
Reduced deposit preparation time
Reduced accounting requirements
Flexible solutions to check processing
Funds available to merchant within two banking days
Check verification and authorization through nationwide database
Large national negative database
ID-based check fraud protection available
Positive scoring database
Merchant selected check acceptance controls
Detailed reporting for easy reconciliation with bank statements
Profit center or store-level group reporting available
Detailed reporting for terminal batches and reconciliation, if desired
Individualized terminal sub-batches for cashiers
Secured terminal program with cashier based access code
Cash consolidation and cash management available
Online reporting through secured web-based network
