Consumers in the modern age are always looking for new forms of electronic payment to make their lives more convenient. Especially during the COVID-19 lockdown, physical transactions are being replaced with more systems for electronic payment processing. This means that echeck services will be used more often and are being considered by more and more businesses.
If you’re wondering if eChecks are safe, whether as a customer or as a business owner, you may already know the benefits of echeck services over paper checks.
Benefits of echeck services
eCheck services allow customers to pay remotely, such as over the phone or over the Internet, without using a credit card, and without requiring the business to have a credit card merchant account. They are an ideal solution for customers who don’t have a credit card or don’t want to use their credit card, or for businesses who want to offer more options for their customers, as well as for businesses that are unable to obtain a merchant account.
In general, it is much easier for businesses to be approved for an eCheck account than a merchant account, so companies that do not qualify for a merchant account can often still qualify for an eCheck account. This all brings us back to the question of “Is echeck safe?”
Is echeck safe?
Whether echecks are safe or not is on a lot of people’s minds. Financial institutions and government intervention works to prevent fraud and identity theft by ensuring that echeck payments are safer from check fraud than paper checks.
This is because fewer people are needed to process an echeck as compared to a paper check. This gives the check fewer opportunities to fall into the hands of a thief. For example, a paper check sent in the mail can be intercepted and fraudulently endorsed or altered. This is impossible with eChecks.
This also applies to incomplete checks. Since a paper check with a missing date or other missing information may still be processed, this gives scammers more opportunities to commit check fraud. Compared to this, echeck services cannot be processed with incomplete information. The payment simply won’t process. This prevents your incomplete checks from getting into the wrong hands.
As a customer trapped inside during the novel coronavirus quarantine, you may already be relying on echeck and other online payment services to complete your transactions. You’re probably wondering, “Is echeck safe?” since you have to use it so frequently.
Thankfully, many institutions are in place to ensure that echeck services are safe to use. The authorization process is quick and simple as information is passed between banks to make the transaction. Since there’s no paper component, incomplete checks will never make it out of your hands, since the payment processing system will abort the transaction before it begins.
Since fewer people can come in contact with an echeck compared to a paper check, there are far fewer opportunities for fraud, making echeck services safer than paper checks, in addition to being a more efficient transaction method.
To learn your options and find the right online payment service products for your business, contact Charge.com by visiting its website or calling (888) 924-2743.