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Electronic Checks If you are like most people, you may feel uncomfortable with electronic payments, and you don’t what to give up writing paper checks. Maybe you have noticed, however, that some of the checks you are writing are turning into electronic payments. Companies that you do business with know that processing checks is costly and time-consuming. They have discovered methods that will let you, the consumer, continue writing checks and at the same time, allow them to take advantage of the benefits of electronic payments. There are different types of electronic check processes currently being used. Click below to find out more about each type of electronic check. Represented Check Entries>> – If your check bounces, vendors have the option to collect funds electronically. Point-of-Purchase Entries>> – Your check will be scanned at check-out and returned to you, and the check will never go to the bank. It is replaced, instead, by an electronic transaction. Accounts Receivable Entries>> –You might have mailed your check to the credit card company; but it may be converted into an electronic payment. |