What are the advantages to using eChecks?

Contents

• Benefits to Senders
• Benefits to Receivers

Businesses conduct millions of transactions per day. Each year, banks process more than 24 billion checks because they are a great way to pay, especially for businesses.  They are familiar, universally recognized, and they’re a part of the ordinary payable process.  They also include remittance information explaining what invoices are being paid for, and if any discounts have been applied.

Benefits to Sending eChecks

eChecks are the next evolution in check writing where you keep all of the benefits of writing paper checks, but gain much, much more.

1. Pay Quickly and Control Your Cash Flow
   Traditional paper checks can take 4 to 5 days to arrive by mail, while eChecks move at the speed of email and give you the power/control to pay in 4 to 5 seconds. It’s your money, and with eChecks you can pay your vendors exactly when you want to pay them and gain better control of it.  eChecks allow you to stop worrying when, or if, your payment will arrive.
   
2. Save Money
   With traditional paper checks you’re paying for the paper check, envelope, stamp, and time involved in preparing the check and getting it ready to mail. An eCheck costs right around the cost of a stamp, but does the work of a check, an envelope and a stamp at a fraction of the cost.  This saves you roughly $1 per check.
3. Save Time
   With paper checks, there are a lot of manual steps that need to take place to prepare the check for mailing. You need to: put the check stock into the printer, print the checks, sign the checks, tear off the remittance stub for your records, fold the check and stuff it into the envelope, seal the envelopes, and attach postage. All of these steps take time. With eChecks, once the transaction is entered on our site, or into your accounting software, you’re essentially done and can send checks without all of that manual processing. We recently had a customer send 6,000 checks in about 9 minutes. That type of efficiency could never be achieved with paper checks.
4. Pay More Safely and Securely
   It doesn't take a high level of sophistication for a fraudster to walk up to an unattended mailbox and steal the contents.  According to the American Banking Association, in 2018 check fraud accounted for roughly $1.3 billion dollars in losses.  Since  Deluxe Payment Exchange eCheck notifications get sent directly from one email to another, and get retrieved from our secure website, the eChecks aren’t able to be intercepted through the mail like traditional paper checks.   
   Secondly, DPX  has proprietary state of the art technology that gives the bank the ability to verify that an eCheck is valid, and hasn’t been altered. This adds an extra layer of fraud protection for your payables.
5. Compatible With Your Current Accounting Software
   eChecks integrate seamlessly with most accounting software. Typically your transactions from your accounting software can be pushed into the eChecks system without any double-entry. You’ll continue to write checks in your current accounting software without any additional software expenses or upgrades.
6. Pay from Anywhere, Anytime
   Create a check and send it in just a few keystrokes from a computer, smart phone, or a tablet from home, work, or anywhere. See our mobile apps by searching “Deluxe Mobile Checkbook” for iPhone and Android.

Benefits to Receiving eChecks

1. Get Paid Faster
   Instead of waiting 4 or 5 days for a paper check to arrive via traditional mail, eChecks arrive in 4 to 5 seconds via email, so you can get your money faster.
2. No Cost to the Receiver
   Interchange fees ranging from 2%-4% are typically required to accept online ACH payments and receive credit card payments. This is a high price to pay just to receive your money in a timely manner. With DPX eChecks, the receiver of the check pays NO additional fees.
3. No Sign-Up Required
   You can receive a payment quickly without sharing any sensitive data. With many other forms of payment, the recipient is required to share their routing/account number and sign up for that service in order to be paid. With DPX eChecks, you can retrieve the check as a guest without either sharing any of your sensitive data or requiring you to sign up.