I remember when I started freelancing PayPal was essentially the go-to payment method. It’s easy to understand why. It was free, easy-to-use, and overall was a painless experience. That’s not to say that there weren’t any flaws. PayPal comes with some transaction fees. And, there have been some cases where the company has frozen accounts. While I’m not knocking PayPal, there are now a multitude of payment options for freelancers. But, I’ve noticed that one of the best payment options has been eChecks. In fact, it’s improved my freelance business substantially for the following reasons.
Electronic check processing is lightning fast.
How fast? It’s almost instant.
That’s because it’s instantly entered into the payment process once a transaction has been initiated. Once the payment form has been completed online and submitted, the automated process can begin.
And, thanks to NACHA adopting same day ACH, you no longer have to wait until the next business day. So if a payment is submitted at 10:30 a.m., it will be settled by one p.m. A payment made at 2:45 p.m. will be settled by five p.m.
As a result, you don’t have wait for the “check in the mail” excuse. Or, having to wait several days for a payment to clear. That makes your cash flow stronger and more predictable.
Accepting eChecks has saved me a ton of cash.
Unlike processing paper checks, credit/debit cards, or using payment gateways like PayPal, eChecks can be processed for nothing. If there is a cost, it’s only pennies. Those savings are a nice perk when trying to get your freelance business up-and-running.
But, that’s just the beginning.
eChecks have also saved me money since I don’t have to pay for printing, postage, envelopes, and those inconvenient trips to the bank.
According to QuickBooks, eChecks reduce processing costs up to 60 percent.
Decreases errors and fraud, but increases security.
As explained by QuickBooks, “eChecks reduce the potential for errors and fraud because fewer people handle them. Merchant service providers also maintain, monitor, and check files against negative account databases that store information about individuals or companies that have records of fraud.”
Additionally, eChecks come with security features digital signature authentication, public key inscription, and duplicate check detection. This speeds up the payment process since clients feel safe in paying your invoice electronically. And, since they trust you, that can help build your reputation — which can lead to more word-of-mouth referrals.
Allows me to set-up recurring billing.
Do you have a couple of long-term or ongoing clients? Then you can have them pay you automatically on a schedule you specify with recurring payments. That makes revenue flow occur on a regular basis. And, that’s another way to maintain a healthy cash flow.
And, since people rarely change their bank accounts, you don’t have to be concerned about expiring credit or debit card information. Once it’s set, you’re good to good for the foreseeable future.
Final thoughts on accepting eChecks.
Those are just the main reasons why eChecks have improved my freelance business. There’s been some additional perks too, such as being more environmentally friendly.
Also, eChecks have universal compatibility. There are no software or hardware restrictions. Accessibility is also universal since the user only needs a checking account.
Simply put, if you want to take your freelance business to the next level, that it’s time to get on-board with eChecks. It takes just a couple of minutes to set-up, but the payoff will be substantial.