EChecks, or electronic checks, replicate the functionality of traditional paper checks but in a digital format. This method allows you to send a digital image of a check via email, which the recipient can either print for physical deposit or use for electronic deposit through their bank's mobile deposit service. Follow the steps below to set up and leverage the ECheck payment method within your Invoiced account.
First, log into your Invoiced dashboard and navigate to the Settings menu. Locate the Payment Methods section, which is designed to help you manage and establish your preferred payment channels.
Within the Payment Methods options, select Add Payment Method and choose ECheck from the available choices. This action initiates the setup process for ECheck payments.
To enable ECheck payments, you'll need to enter your banking information, including:
- Bank routing number
- Account number This information is crucial for drafting the ECheck and will be securely stored within Invoiced.
- Check signature
Some banks and financial institutions require verification of the bank account before activating ECheck payments. This may involve confirming small deposit amounts made by Invoiced into your account to ensure its validity.
In the Bills section of Invoiced, choose the invoices you intend to pay. Ensure that the vendors associated with these bills accept ECheck as a payment method.
After selecting the bills, proceed to the payment phase by choosing ECheck as your payment method. Confirm the amount and the vendor details to ensure accuracy.
Upon confirmation, Invoiced generates a digital image of the check, complete with all necessary payment details. This digital check is then sent directly to the vendor's email address associated with their account.
Upon receiving the ECheck, the vendor has two options for deposit:
- Print and Deposit: The vendor can print the digital check and deposit it at their bank as they would with a traditional check.
- Electronic Deposit: Alternatively, the vendor can use their bank's mobile deposit service to deposit the check electronically, without the need for printing.
- Vendor Communication: Prior to sending ECheck payments, communicate with your vendors to confirm their ability to receive and process EChecks. This ensures a smooth transaction process.
- Secure Information Handling: Always ensure that your banking information is securely entered and stored within Invoiced. Regularly review and update your bank details as necessary.
- Payment Tracking: Keep track of all ECheck payments sent, monitoring for successful deposits and reconciling any discrepancies with vendors directly.
By implementing the ECheck payment method through Invoiced, you leverage a flexible, secure, and efficient payment solution that simplifies your accounts payable process, providing both you and your vendors with a convenient payment option.