Businesses that issue multiple checks should look for ways to reduce costs on paper, ink, stamps, and printing materials. One way is by getting the right technology like MICR – (Magnetic Ink Character Recognition) that scans fast checks to detect fraud. Use application programming interface to integrate paper checks with a personalized digital platform. Use professional check printing service providers, and choose one that offers comprehensive solutions tailored to your business needs.
Enhance multiple check printing security with thermochromatic ink, specialized envelopes, digital check tracking, and positive pay.
Several years ago, to make payments, you carried a paper checkbook. This trend is slowly dying with the coming up of digital checks that file the details online instead of a piece of paper. The electronic version of the paper check has the advantage of speed and processing efficiencies. The writer advances payment with a digital signature to the recipient for verifying the signature, endorses it, and writes a deposit slip to his bank.
The processing of digital checks is through Automated Clearing House, ACH.
Automated Clearing House online payment
ACH is an electronic network for moving money between bank accounts in the United States of America. The system makes consumer, business to business, international, and government payments. Payments through ACH do not use card networks like Visa and MasterCard but only through the ACH network. The ACH payments are only applicable in the USA and only apply to banks. You cannot process ACH payments from debit or credit cards. ACH checks can be a direct deposit for deposit payments or direct payments that cover funds for making payments. ACH transfer is debit when funds are pulled from an account and credit if funds increase. ACH checks are advantageous to paper checks as given below:
– Lower costs: They attract fewer transaction costs when compared to paper checks.
– Security: Paper checks are vulnerable to fraud because they are handled by several people along the way if mailed.
Paper checks can sometimes get lost or tampered with in transit because the information is visible to anyone who comes across the paper check. Checks processed through ACH cut all intermediaries in the mailing process and eliminate the security risks of paper checks.
– Convenience: You do not need to carry checkbooks or send checks via mail. You make payment without visiting the bank or post office and cut costs on printing and postage. ACH offers you the flexibility to make recurring bills or one-time payments. It ensures repetitive bills are paid on time and prevents penalties for late payments.
– Reduce human errors: Human errors cost organizations and businesses time and money. ACH payments reduce human errors and time because there is no need for human verification.
– Time: Most banks give preference to digital checks to paper checks. Your ACH payment will be processed faster than your paper check, and funds accessed easily. Digital payment checks are also not mailed and reach the bank immediately with a click of a button.