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Why would a business stop accpeting e-checks?

Asked May 4, 2010, 07:39 AM — 2 Answers
Why would a business stop accepting e-checks? I work for a company that is considering eliminating this service to its customers however we profess to be customer friendly and we promote customer service.

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tickle's Avatar
tickle Posts: 19,306, Reputation: 12336
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#2

May 4, 2010, 08:11 AM
It takes 3 to 5 business days for a e check to clear apparently. Could be they don't want that time lapse and have their money tied up for a week. Money transfers, for instance, are almost instant, so I don't know why they don't accept that.

In Canada we don't use Paypal (e checks), bills are paid on line where money goes to the recipient almost immediately and is processed. All residential utility companies are paid this way, if the customer has on line banking.

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Emland's Avatar
Emland Posts: 2,493, Reputation: 2570
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#3

May 4, 2010, 10:54 AM
In addition to what tickle said, I would imagine there is also a discount rate associated with accepting the e-checks. Credit cards cost the merchant up to 4.5%. It may be that the cost involved with accepting payments is too high.
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