|Ease of Use||✓|
|Online Accounting System||✓|
|Shorter Waiting Period||✓|
|Accepted at Cash Register||✓||✓|
|Less Trips to the bank||✓|
E-Checks (better known as ACH) are the electronic version of paper checks. E-Checks can be used, with prior authorization, to process payments online using a gateway.
Paper Checks are the outdated, physical form of checks that clients fill out and use to process payments.
An E-Check works similarly as a Paper Check by debiting money directly from a bank account. The delay in waiting for paper checks through snail mail is eliminated, hence adding efficiency to the accounts receivable process.
Considerations when processing payments through E-Checks:
- 3-5 business day waiting period for funding
- Risk of insufficient funds (NSF)
- Risk of Chargebacks
- Risk of Check Kiting
VeriCheck added value:
- For merchants, VeriCheck provides a Tier 1 Customer Support Phone line for your customers.
- VeriCheck offers check verification tactics, where we will run the E-check against a negative database, of historical client data. This will raise a red flag with any customer that may have had prior issues regarding check payments.
- Check Guarantee: VeriCheck will provide recovery services to collect on unprocessed payments.