eChecks – Time is Money!


The BOLD Benefits of Using eChecks

We at BOLD are often asked by our new customers, “What are the benefits to using the eCheck payment option?” There are actually quite a few very positive benefits. Before getting into them, let’s briefly explore what eChecks are, and how they function within the world of Electronic Funds Transfer.

Of course, we are all quite familiar with the use of paper checks in our regular payment of debts and purchases. Very simply, a check is a written order to your bank, directing them to transfer some of your funds to someone else’s account.

Time is Money

One of the key problems with relying on paper checks is that before the transaction process can begin, the check must be physically presented as payment. Even that is not an issue if you happen to be standing in the store. You simply hand the cashier your check. There is no delay between checking out, presenting your payment, and leaving with your purchase.

Online sellers have almost completely eliminated the use of paper checks as a payment option. They have narrowed options entirely to various forms of electronic funds transfer payments. Although, this has greatly streamlined the payment process, it has also introduced some negative factors. One of which is the exponential increase of credit card fraud.

Not only is there a massive cost associated with fraud, but also, the expansive electronic banking infrastructure requires added costs associated with each transaction. These costs are charged against the seller in the form of fees. The resulting effect is a direct hit to their profit margin. Yes, these fees are part of the cost of doing business. However, as with every other direct cost, there must also be an adjustment to the sales prices of their inventory or services. Otherwise, their business’ would eventually fail.

Generally speaking, sellers who accept only cash or paper checks for purchases do not have to deal with these fees. However, those days are pretty much gone. There are, however, some online business sectors that have continued to support paper checks, including many Precious Metals dealers. This is a bit problematic, as essentially, they are accepting the purchaser’s promise to mail their checks in quickly for payment. This results in a portion of the Seller’s active inventory being put on hold without payment, often longer than a week.

Online sellers, such as BOLD, who do allow payment by paper check are doing so as an extra service to their customers. There really is no direct benefit to these merchants to hold inventory on the promise of future payment.

There are Real Benefits

Electronic checks, however, benefit both sides of the transaction. eChecks may be understood using the very same terms as that of a paper check. As noted above, a check is very simply, “a written order to your bank, directing them to transfer some of your funds to someone else’s account.” In this case, the writing is done electronically. The same information is collected as if you were writing out a paper check.

Also, due to the added layers of fraud protection employed by BOLD’s processing service, eChecks are considered to be one of the most secure online payment methods available. This is good for everyone involved. As the likelihood of fraudulent transactions decrease, the cost of doing business also decreases. It also provides a greater level of confidence to consumers, in that their bank transactions are more secure.

One of the greatest benefits to customers using eChecks at BOLD is that it eliminates the mail time-delay of your paper check getting to us. BOLD immediately receives notification that the electronic transaction process has begun. This means that the ACH Network, which runs a background review of the account, has allowed the transaction to proceed.

The eCheck process takes essentially the same amount of time for the funds to be processed from your bank to ours. And so, we still must hold your order until those funds are credited to our account and clear the bounce window. However, by opting to use eChecks, you have shaved up to 5 days from the time you placed your order to the time we ship.

And, remember, like paper checks, eChecks are considered a cash transaction, and both are eligible for the cash discount price.

Yes, Time is Money…

Let’s say, you just so happen to have a little more money than you have time. What’s the best payment option for your purchase? Orders placed at BOLD using a Credit or Debit Card move directly into our Processing department as soon as the Card Service approves the transaction.

Depending on the time and day the order is placed and approved, it generally is pulled, packed, and shipped within 1 business days. This, of course applies to active inventory in stock at the time of the order.

Credit and Debit Card purchases are not eligible for cash discount pricing. So, in this case, time really is money. Most of our credit customers consider the positive benefits offered by their Card’s Rewards Program. They also plan to pay their full balances monthly to avoid interest charges. And, of course, there is the added benefit of receiving their purchases more quickly.

To view our payment option details, click HERE.