How and why to use electronic payments for your business

Email 1 - SEND payments quickly

Cashflow.io now allows users to SEND payments by electronic funds transfer (EFT) and automated clearing house (ACH).

Customers who have been using our platform to RECEIVE these payments know exactly why this is a big deal. But for those who haven’t, allow us to explain what electronic payments can do for your business.

Electronic payments, also known as eCheques, are fundamental to moving your payment process from paper to digital – for good. It allows you to stride forward into the digital era, leaving paper cheques, and the mundane work involved in managing them, behind.

Cashflow.io makes this transition as simple for you as it could possibly be, requiring minimal integration and causing no disruption to your ongoing business operations.

But what are eCheques, and what exactly can they do for your business? Let’s explore.

What are eCheques?

eCheques allow you to send and receive funds directly between your customer’s bank account and yours, digitally. This method is cheaper than moving money by Credit Card, and it’s faster, more secure and easier to manage than using paper cheques.

What are the benefits of eCheques?

By sending and receiving money via electronic funds transfer, you can expect to reap the following benefits for your business:

  1. You can send and receive payments faster than with paper cheques. Electronic funds transfer (EFT) takes between 1 and 5 days to process a payment. If you consider that you’re also saving time by not having to post a cheque, or go to the bank to cash one, you can quickly understand the potential that this has to speed up your entire payments cycle.
  2. It’s cheaper than using credit cards. Credit card fees usually include a percentage of the total amount, and a processing fee. eCheques, on the other hand, cost a fraction of this. And if you’re receiving a large volume of payments, this can really save you some money.
  3. It’s easier to manage your cashflow. Because electronic funds transfers settle within a more consistent time frame, and you can set them up on schedules, it’s easier to predict your cashflow and you’re less likely to fall into hot water.
  4. Human error is eradicated. It’s inevitable that, with a lot of paper cheques flying around, there are going to be times where information is incorrectly entered and payments are delayed that way. The benefit of eCheques is that they just work – every time.
  5. Fewer payments will fail. Another situation that can cost you time and money is when a cheque bounces, or a credit card payment is declined. With EFT, available funds are verified before the payment is processed, so you can be more confident of avoiding this problem.
  6. You get greater visibility over your payments. Paper cheques are much more difficult to track. It could be stuck in the mail or it could just be sitting on someone’s desk. With eCheques, you get visibility into your payment status within your Cashflow.io terminal. This gives you peace of mind and allows you to follow up quickly if there is an issue with the payment.

How do I start using eCheques with Cashflow.io?

Activating eCheques for your account is as simple as completing a short online application for Electronic Fund Transfers inside your Cashflow.io terminal. This application will allow us to connect your bank account to our system so that you can start sending and receiving funds with eCheques.

Once we review and approve your application, your terminal will be set up to accept payments via eCheques.

How does my customer pay with eCheques?

When you send your customer a payment link using Cashflow.io, they simply select eCheques as their payment method, and they will be asked to select their bank and login as if they are logging into their online banking.

Don’t worry, this process is completely secure and managed by a renowned third party called Flinks.io that works closely with all the major banks to make this service available.

Cashflow.io doesn’t not store any of the banking credentials, and you can be sure that your customer’s privacy and security is safe.

How do I receive eCheque payments with Cashflow.io?

Once your customer has made a payment by eCheque, using the method above, you will be notified and the funds will begin moving from their bank account directly to yours.

How do I send payments with eCheques?

Sending money via eCheque is as simple as setting up a new payment in your terminal using the ‘Send’ option. 

Once you enter the recipient’s details and initiate the transfer explained above, you’ll be able to check the status of the payment inside your terminal. This gives you peace of mind that your money is on its way, and you’ll know exactly when the payment has settled.

For more information on eCheques and how they can make it easier for you to send and receive payments, contact us at sales@cashflow.io

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