There is no shortage of ways to pay through an online site. There are the obvious credit and debit cards, third-party companies like PayPal and Google Payments, and there’s Bitcoin and the booming number of cryptocurrencies. You can also add eChecks to this list, although they aren’t as common as other methods of payment. Even so, eChecks are at least as secure as any other form of online payment and it’s worth your time to set them up for your online business, especially if you have remote employees you need to pay and businesses are a big part of your customer base.
How eChecks Work in Las Vegas
A regular check represents a transaction that takes place directly between two bank accounts. Instead of giving someone money, you’re giving them a permission slip to move money from your account to theirs. eChecks work the same way, but it’s an electronic note that uses an Automated Clearing House network. By typing in your account and bank routing numbers (information that’s on every paper check), you can send an electronic check that bypasses third parties like PayPal and debit card sponsors.
What Makes eChecking Safe
Online financing has used encrypted connections for a long time now. A special public-key encryption system lets both ends of a transaction encrypt their information separately, and so the numbers that look plain on your display are gibberish to anyone except the company receiving your information. Customers are also protected by anti-fraud regulations that let them report fraudulent payments, and the merchants and employees who get eChecks can know if the payment clears right away since it’s an electronic transfer.
Why Use eChecks in Las Vegas?
- If your bank offers a bill pay service, that’s eChecking in action. Instead of paying with a card or sending a check in the mail, you’re making a direct electronic transfer from your checking account.
- There are several ways to pay employees aside from handing out checks every one or two weeks. Depending on your merchant services company, electronic checks may be the most cost-effective way to pay employees and contractors whether they work for you in person or work remotely 100 miles away.
- Companies that make large purchases tend to prefer the directness, low cost, and immediate payment that comes with using eChecks. They also appreciate the security that comes with a modern electronic transfer, and the fact that their business partners can know right away whether the check cleared saves a lot of time and reduces a lot of risk factors.
Safe eChecks With Global 1
eChecks might not be how most consumers buy products online, but they’re a key component in other aspects of online financing. Most serious and significant payments like bills, wages, salaries, and company purchases use online checking, and thanks to online security systems these direct deposits have almost completely replaced old paper checks. If you plan on operating an online business or a business that does a lot of online payments, make sure you sign up with a reputable merchant services company like Global 1 Wholesale Merchant Services and arrange a secure eChecking system today.
