02 Apr 09 Are E checks and EFT payment mode safe to use?
One of the main benefits of using eChecks is the security factor. An electronic check does not require too much human handling and hence the customer is sure of his check being safe. An e check can be sent via email directly to the concerned party. While we use credit cards the chances of the cards being meddled with is high. But at the same time E checks cannot be faked or misused as they are authenticated and verified. For the sake of extra security these eChecks come with digital signatures with the latest key cryptography standards. These checks also save time as they are electronic in nature and the normal processing time of 2 -5 days is avoided in these checks. These checks can be realized in a matter of 24 hours.
E checks also comes with a processing service where a third party immediately cross verifies the checks that are remitted into our account so as to save us from bounced checks and therein losses. Like E checks, EFT Payment is also a secure method of electronic funds transfer where we will have to register to pay using EFT on the internet to enable transfer of funds electronically from our account. To enable EFT payment we will have to have to provide bank account information regarding our bank account number, bank routing number, and the type of bank account the payment is being deducted from i.e. whether it is a savings or a checking account. On completion of registration we can start to make payments online.
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