What is an eCheck?
An eCheck is the electronic payment version of a paper check, and is associated with bank to bank transfers. It is also known by other terms, such as ACH payments or EFT payments. You can learn more about eChecks, ACH transfers, and EFT payments in our Bill.com blog post about the different payments types.
Pay with eChecks to reap in cost and time savings
The typical paper check payment process is time consuming and onerous. A business will spend more time than it should writing and signing checks, attaching necessary supporting documentation and invoices, stuffing, addressing, and stamping envelopes. Paper checks take time to travel through the mail, which also places it at risk to be lost or stolen.
When using eChecks (or ACH payments), the funds directly transfer from the customer’s bank account into the vendor’s. All of the manual work is removed, and payment is in the vendor’s account in a fraction of the time it takes for a paper check to arrive.
Getting Paid by eChecks
Accepting eCheck payments can always save you money. eChecks are extremely low cost compared to credit cards fees. Because credit card processors charge around 3% to 5% per transactions, a business can end up spending significant amount of dollars on processing fees. Accepting eChecks, or ACH payments, is only $0.50 per payment on a payments platform such as Bill.com. Learn more about accepting eChecks and ACH payments with Bill.com to automate your AR process.
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