The digital payment processing field is becoming more and more crowded. So, it’s no surprise that electronic payment processing methods like eChecks are gaining more traction with businesses and consumers all over the world. What many people often ask is “are eChecks safe?” To find out if electronic checks are safe and discover an exceptional eCheck payment processing provider, just follow the lines below.
Understanding eChecks: How eCheck Processing Works
First of all, it makes perfect sense to get the basic idea of what eChecks are and then see whether they’re safe or not. So, an eCheck, which is also called a Back Office Conversion (BOC), is an electronic version of a paper check. It offers increased safety, speed, affordability, and efficiency for payment transactions.
Today, you, as a merchant, can choose from among a variety of digital payment options to receive payments. By the way, did you know that electronic checks are among the top popular payment methods in the U.S?
The reason why so many eCommerce business owners opt for eChecks is that they offer greater security than paper checks and can guarantee better protection for businesses and customers.
eChecks get processed via the Automated Clearing House (ACH) network. When people want to make a payment online using their eCheck, they must provide their checking account data and their bank’s routing number.
The information is encrypted by the payment gateway and sent to the Federal Reserve Bank ACH network for approval. Once approved, the money is withdrawn by the ACH network from the customer’s account and deposited into a business’ account.
As for eChecks vs. ACH transactions, they aren’t different. Only with electronic checks, the transaction is performed via the Internet.
Are eChecks Safe? How Safe Are eChecks?
Online payment processing fraud continues to be a hot-button topic. Cyberattacks are a growing threat for anyone involved in payments. Major data breaches don’t stop alarming credit cardholders. Businesses are investing in bleeding-edge technology to avoid falling into the trap of fraudsters as much as possible.
It’s no stretch to say that your online business can’t survive without electronic sales. Importantly, eChecks are an excellent solution for high risk business owners. Electronic checks help high risk merchants boost sales and increase profits as a secure payment processing option.
The good news for customers is that paying by eChecks gives enables them to cancel the payment when dealing with a suspicious seller or retailer. This makes eChecks a safer option as compared to standard online payments. The thing is that the payer submits the required information in a secure environment where it gets encrypted.
Well, what about starting with eChecks? For this, you just need to find an experienced and reliable electronic check processing provider. Next, you should let your customers know that they can now enjoy eCheck conversions. That’s it!
If “are eChecks safe” is a question you’re interested in, just turn to eMerchantBroker.com, the #1 high risk payment processor and a reputable alternative online lender in the U.S. EMB boasts an A+ rating with the BBB and a #1 rating with TopCreditCardProcessors.com. Also, EMB is voted “Best All-Around High Risk Merchant Account Provider” by ValuePenguin.
eMerchantBroker.com offers iCheck, which is a means of eCheck processing aimed at making fund transfers faster and easier on multiple checks. Thanks to all their benefits, including fewer restrictions as compared to ACH, iCkecks are fast turning into the solution merchants choose for accepting check-based payments. This flexibility is also called “Remote Deposit Capture.” It’s great for many sales spaces.
What Advantages eChecks Offers
When the purchase receives authorization, the payment is finalized, and the funds get deposited into the merchant’s bank account. You, as a merchant, can take advantage of more than one feature that eChecks offer. Let’s see:
- Increase in sales thanks to expanded payment options
- An eco-friendly way transfer and receive funds
- Cost effectiveness as compared to credit cards and physical checks
- Reduced processing costs by over 60%
- Faster payment processing as compared to traditional paper checks
- Fewer errors thanks to the electronic automated process
- Greater reliability provided by the ACH processor for managing direct deposits in bank accounts
- Reduced fraud
- Authentication
- Duplicate detection
- Encryption
To sum up, eChecks are an electronic substitute for paper checks. The available data on both of them is the same. Electronic checks are safe to use online. Electronic checks are safe for the consumer.