A little-known benefit of eChecks is that you now have more control of fixing mistakes. In the past, once you mailed a check, it was out of your hands and you couldn't stop it. You'd have to contact your bank and incur a Stop Payment fee to prevent the recipient from depositing.
eChecks give you more control (and save you Stop Payment fees) by allowing you to Void an eCheck up until the point that the recipient opens and processes the payment.
TIP: Forward this link to everyone on your team who creates bill payments
There are two ways to can cancel or void your eCheck payment without incurring a Stop Payment fee:
- If you discover your error right away, you can cancel the payment within QuickBooks Online up until the time your eCheck is sent. There is usually a period of about 5 minutes after you have completed the Bill Payment screen. You have more time to void checks if you have scheduled a future payment
- If you don't discover your error right away and the eCheck has already been sent, you can still void the eCheck payment within the eChecks application up until the recipient opens their email to retrieve the payment. Not sure when that happens? Don’t worry, we’ll send you an email confirming whether you stopped it in time. And, if not, we’ll let you know that your next option is to consider requesting a Stop Payment from your financial institution. Visit how to void an eCheck for more details.
TIP: More Best Practices can be found at Getting Started: Best Practices