Electronic Check Benefits
- It costs on average $1.22 to process a paper check. A PaySimple echeck costs you only $0.55.
- Electronic check processing requires very little effort or time to set up, and once it is established, your company immediately begins saving money.
- Electronic check processing relies on the same secure network used for Direct Deposit and Direct Payment, the Automated Clearing House (ACH).
- The Federal Reserve's Regulation E and the NACHA Operating Rules regulate electronic payments processed through the ACH network. Because of Reg E and NACHA's Operating Rules, consumers have greater protection with electronic check processing.
- The number of electronic check payments processed in the U.S. increased to 2.75 billion payments in 2008.
- Four out of five consumers who use electronic checks as a form of bill payment say they are very satisfied with it.
- Electronic check processing has been shown to reduce the number of returned payments and posting errors due to the speed of processing (compared to mail and paper checks).
- Electronic processing reduces the burden on our nation's transportation systems and the environment. It takes a considerable amount of fuel to ship our country's millions of checks each year between companies, financial institutions, and customers.
- Timing of incoming payments from customers will be more predictable and reliable, improving your cash flow. Learn more about electronic check (ACH) funding times.
Source:electronicpayments.org
Learn more about PaySimple's Electronic Check Processing Feature
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