Benefits & Key Features of eChecks
It’s safe to say that nowadays, most business transactions have become automated or digital. This has been a worldwide effort to streamline and expedite common processes. The benefit of largely eliminating paper trails is that it not only helps organize a corporation but consumers are positively impacted. eChecks are an example of a tangible process that can now be accessed online! If you’re not sure what they entail; here are key features of this digital banking piece!
In layman’s terms: eChecks are a digital version of a standard paper check, that allows for funds to be delivered electronically. It contains the same information as a paper document such as: name, amount, date, intended purpose, account number, etc., When deposited, the same processing and settlement processes occur just like with a regular check. Another added perk: eChecks actively reduce the negative environmental impact of printing paper documents!
Another important feature of eChecks to note, is that they are more secure than sending funds via paper. Thieves cannot physically snatch your hard earned money, and the pitfalls of relying on the post office are reduced. Additionally, fraudsters will be unsuccessful due to digital authorizations that act as roadblocks to potential schemes. Another component is a verified receipt of the transaction that lives online; with ValidCheck, you can rest assured that any pertinent data is readily available and kept safe.
One component of eChecks is that transactions can be substantiated for additional security. Unlike paper documents, there are several authorized parties that can vouch for the authenticity of signatures and other data on the check. Also, you can keep and eye on the stages of a payment or transfer, to confirm that everything is going smoothly. The chances for delay are reduced with digital timestamps, and online updates.
Speed & Convenience
As mentioned, one of the main reasons for digital business processes is ease for all parties involved. When it comes to sending or receiving payment – when it’s time to do so, there’s no room for hassle. That is why ValidCheck is proud to present electronic check payments as a convenient way to finalize a transaction. As long as there is wifi or an internet connection, checks can be uploaded, sent, and processed at any time. This ensures speedy delivery and max time efficiency!