Converting Paper Checks To Electronic Payments: What You Need To Know
Source: JPMorgan Chase
With check conversion, billing companies often receive payment within a day, reducing check float, which cuts down on the occurrence of check fraud. Also, the automated clearing of electronic payments greatly reduces the incidence of errors by eliminating the need to have checks pass through many hands as they are processed. Consumers enjoy added financial privacy with electronic payments as transactions pass electronically from one financial institution to another using encryption, electronic data scrambling, message authentication codes and other security procedures to protect their information.