In today’s world, many things are done electronically such as buying and selling items and video chatting with your friends and family thousands of miles away. Whether you have been in business for 15 years or 5 months, you probably have, or need to, integrated some form of current technology into your business to stay current and ensure you don’t lose business due to lack of payment options.
If you’re not set up to manage transactions electronically, including checks, it may be time for you to change the way you accept (or even disperse) your payments, especially when you accept checks. Checks have become a big hassle for a lot of businesses compared to using credit and debit cards online, but the fact remains that people still use them and look for that as a payment option.
Electronic Check Processing makes things a lot easier when it comes to dealing with checks online. Here some things to know:
With Electronic Check Processing, you have the ability to accept and deposit checks online, which eliminates the need to deal with extra paper. Electronic check processing, also known as ACH, is similar to a wire transfer, but can be used with larger amounts of money. It can also be used with smaller amounts which usually settle in 1 to 2 business days.
When you process checks online, the clearing house processes transactions daily by where the check was cashed or deposited, totaling the amount. After that is done they will credit and deduct each account accordingly.
Once a transaction is cleared, the amount is deposited into your checking account. If, for some reason, a bank rejects the transaction before or after it is cleared, the return will be stored in our database and will be included in your statement each month.
With AVP Solutions, you can accept checks online and feel comfortable doing it. More companies and banks are using ACH processing for direct debit options, direct deposit through payroll, accepting checks online, and converting paper checks. Call us today at 1-800-719-9198 and let us make handling checks online more convenient than ever.