Is Switching From Cheques to Electronic Payments A Good Option?

Using electronic payment methods such as EFT (Electronic Funds Transfer) to pay your suppliers and employees has many advantages. And it has become really easy to get a CBD oil online merchant account via

PROs and CONs of adopting Digital Payment over Cheque payment

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The advantages are given below:- 

  • Internal security and controls are greatly enhanced, reducing the risk of fraud and theft. EFT payment approvals use strong online banking security instead of much weaker paper approvals

  • Paper checks no longer need to be stored and stored

  • Office work and errors are reduced through automated efficiency

  • The ability to manage and forecast cash flows has been improved. Payments can be arranged with different due dates and after dates up to 35 days

  • Re-checking is no longer possible

  • Bank payments are simplified because there are no outstanding checks to report

  • No need to check printing, postage and processing costs

  • The payment approval process has been optimized. Payments are ready for approval as soon as you enter the electronic transfer system. Payments can be approved by an official signature authority from anywhere, at any time

EFT is environmentally friendly. The paper and ink used to make checks and envelopes, as well as the carbon footprint that results from the physical distribution of checks, are removed.

Implementing the EFS commitment offers a number of benefits to both suppliers and employees. They include:

  • Fast payment guaranteed directly to seller's bank account

  • Vendors have improved their ability to manage and forecast their company's cash flow

  • The time and expense involved in processing and depositing checks is eliminated

  • There is no risk of the check being lost, stolen, or damaged.