Payment Made Easier With Electronic Business Cheques
A few years ago, the depositing of business cheques written by customers after a purchase or in payment of a service was a physical affair. The inconvenience and wastage of time as well as the extra costs did not help anything. You had no option but to wait for days for the manual processing of the funds to be complete.
Thanks to advances in technology, you don’t have to waste your time and effort in pursuit of payment processing when your client issues a paper cheque. You can always turn it into an electronic cheque or what is commonly known as an electronic transfer. It means nothing else but a direct and quick process of transferring of the funds from your client’s bank into your account with the same or another bank through an automated clearing system.The Process
It is inevitable that in some of your business transactions, a customer will want to write you a paper cheque. Don’t turn it down. All you need to do is deliver it to a clerk who will run it through a reader in order to record the necessary information which should include the account number, the number of the cheque as well as the routing number which is an identification of the concerned financial establishment. In addition, the clerk will key in more information regarding your business in order to initiate the electronic transfer of funds from the client’s account.
Remember, the need for the cheque’s verification by the provider will be determined by your agreement with the person in charge of processing the payment. You will then get a printed receipt on which the writer of the cheque will be required to sign after which the cheque will be voided and returned to you. The transaction will be reflected as a debit on the client’s bank account statement.
Once the information contained in the cheque has been captured, you’ll need to upload it to your financial services provider for processing. Finally, the funds will be deposited into your account. The process should take a maximum of 2 days.
Business is not all about monetary investment. How you use your time while at it may be a great determinant on the level of your success. Therefore, you should always try to spend it in the most profitable way, which includes cutting the amount spent waiting for the processing of your payments.
Apart from speeding up the transfer of funds, electronic processing of business cheques is one of the safest ways of doing transactions. You don’t have to worry about the repercussions of losing the cheque before depositing. In addition, it is one of the most convenient methods of transaction for business people who are frequently on the move since the funds can be transferred to a central account after conversion from individual locations. You can also access an online history of the activity on your account which will enable you to keep your records in a tidy and accessible form. If you would like to learn more, visit D+H.