Are eChecks Safe? A Guide for Businesses

Many businesses that have been relying solely on in-person or paper transactions have discovered that this is no longer enough. Utility offices, employee payment departments, and businesses that offer long-term subscriptions or large product purchases may be accustomed to accepting paper checks. Now that more and more business has gone online, they’re turning to eCheck services and wondering, “Are eChecks safe?”

The answer is that eCheck services are important to have, easy to obtain, and are a safe payment processing method.

What are echecks?

eCheck services are similar in many ways to paper checks, but better. eChecks electronically transfer money from a customer’s bank account to the merchant, just like depositing a paper check does.

But are eChecks safe? Like credit card transactions online, eCheck processing is a secure and efficient way to transfer money. They are easy to implement in most businesses’ websites and are readily provided by select online merchant account providers.

What are the benefits of echecks?

The main benefit of eChecks is that they allow customers to pay remotely and instantly. Many sales are lost because a customer intends to put a check in the mail, but either changes their mind or never gets around to it. With eChecks, customers can pay impulsively while the urge to buy is still hot.

eChecks also provide increased security. Paper checks can be mailed with incomplete information and have to be processed with multiple people recording the information. Both of these things make it more likely that the check could be stolen, leading to identity theft or fraud. eChecks, on the other hand, cannot be accidentally processed with incomplete information and require fewer people to complete the transaction. This greatly reduces the chance of fraud.

The Takeaway

Compared to paper checks, eChecks are safer. They lock in sales, reduce transaction time, and reduce the likelihood of fraud for consumers.

Visit Charge.com to compare prices, or call (888) 924-2743 to view internet merchant account products for businesses that want to utilize eCheck services or to accept credit cards from their customers.