Cheques are bills of exchange that were developed to enable users to make payments. They ensure that people do not hold large amounts of money when making transactions.
To most people, cheques are a traditional way of making payments despite the fact that now we have alternatives such as e-wallets, credit cards, and debit cards. Nevertheless, cheques remain a popular payment method, and you can even pay electronically using eChecks. Find out why cheque payments are still relevant during this period of e-wallet payment and how the eCheck works including all its benefits.
What Are eChecks?
An eCheck is a digital or electronic representation of the old-fashioned paper cheque. It is a cheap and secure method of online payment that is accepted by various industries, including online casinos.
How Does eCheck Processing Work?
eCheck processing is the same as paper cheque processing, but much faster. Instead of filling out the cheque manually and sending it to the payee, the whole process happens electronically through the internet.
That has made cheques to remain popular since they have embraced the latest online technology. eChecks drawing involves four main steps as outlined here:
- Authorization request: The business seeks authorization from the client to initiate the transaction. That can be done via phone, signed order form, or online payment form.
- Setting up payment: When authorization is granted, the business enters the payment details into an online payment processing platform. The inform can include the recurring schedule if the payment is made regularly.
- Finalizing and submitting: The next step is to click save and send for the ACH transaction process to start. That is done after the sender is satisfied with the information on the platform.
- Payment authorized and funds paid: The money is withdrawn from the client’s bank account. The business gets the money while the customer receives a receipt from the software.
The money is often deposited into the business’ bank account within three to five days when the ACH transaction initiates.
What are the Advantages of Using Cheques/eChecks?
Both the traditional cheque and the modern eCheck offer dozens of benefits to both the payer and the recipient. They include:
1. Easy to Stop the Transaction
A traditional cheque takes about five business days to clear, while an eCheck can take up to 48 hours. That gives you enough time to cancel a transaction in case of one reason or another.
For instance, you might want to play online and make a deposit using a cheque only to release that you have written the wrong amount. A cheque gives you enough time to cancel the transaction and write another one with the right amount.
2. Cheques for Charity Purposes
A massive printout of the transaction cannot make it to a local paper no matter the amount you donate. That is why many people, especially organizations, continue to use cheques when contributing to various community projects.
3. eChecks Offer Convenience
One benefit of using cheques is the convenience they offer. That is especially true when you use the eChecks since the transaction is completed from a mobile device or computer.
They allow clients and customers to settle the payments at any time and anywhere. Hence, if you pay using or paid using cheques, you should try switching to eCheck to enjoy this convenience.
4. eChecks Save Money
With eCheck payments, the users save money they would have used to purchase printing materials. That is possible because it is a form of electronic payment that does not require paper.
eChecks can help to save the environment by minimizing wastage and the need to cut trees to produce papers.
5. Usage in Online Casinos
Gamblers know that not every payment option can be used to deposit or withdraw at online casinos, due to legal restrictions, which sets serious limitations to the choice of available gaming websites. Electronic Cheque is a widely accepted payment method at so called eCheck casinos.
With the increase in online payment methods like e-wallets and credit and debits cards, cheque remains famous for its ability to offer a traditional and modern way to send money. It also follows a simple process when making the payment and is the high time professionals such as online casinos accept it.