Posted by Checkbook on May 29, 2019
What is an eCheck or Digital Check?
Everything you need to know about eChecks and Digital Checks
eChecks (also known as an electronic check) are a form of online payment where money is electronically withdrawn from the payer’s checking account, transferred over the ACH network, and deposited into the payee’s checking account. Though the process is somewhat similar to a paper check, electronic check processing is faster – saving both time and paper waste.
A Blockchain-enabled Digital Check solution (like Checkbook.io) are secured payments transferred online via email. This form of a check is even faster, as payments are instantly deposited, or with the option to print and deposit the physical check at a local bank. Though a Digital Check is quite similar to an electronic check, eChecks only convert the check information into an ACH file, and bear many downsides:
- eChecks don’t always update in real-time.
- Funds are not assured 3-business day settlements.
- It’s inconvenient to fetch routing and account numbers every time you send/receive money.
By contrast, patrons of Digital Checks can verify their account records in real-time by simply logging into their financial institutions’ website – which means, no more looking for routing/account numbers! Additionally, Digital Checks provide overnight settlement using the “check 21” procedure.
Who is Checkbook?
Checkbook.io is a secure, payment solution aiming to change the digital transaction landscape by providing consumers with a more reliable and simpler way to make online payments By working with the latest technology to coalesce security, transparency, and dependency to Digital Checks; Checkbook.io strives to fix a recurring and persistent problem for patrons, businesses, and financial services: the archaic Paper Check system. Instead of relying on easily compromised Credit/Debit Card data, businesses and individuals now have the option to pay safely online with Digital Checks wherever Checkbook.io’s payment systems are accepted.
Ultimately, Checkbook.io hopes to make the world a greener place — for you and your wallet!
How secure is Checkbook? / Is it safe?
Data security is a top priority at Checkbook – after all, it was created out of the insecurities of the current Paper Check and Credit/Debit Card institution. Our founders helped define Security Standards at Visa and brought this knowledge to the development of Checkbook’s security standards. Our infrastructure was built ground up with stringent security checks, combining data encryption with tokenization to keep data secure at all times throughout the transaction process. We store all production data in a physically secure PCI SDD (Payment Card Industry Data Security Standard) Compliant offsite data center.
Our goal is to provide you with a secure buyer experience, while minimizing risk and reducing compliance costs for your business.
How does Checkbook work?
All it takes is 3 easy steps:
- Simply sign up:
All we need is your name and email. You will not be charged until you send your first check – did we mention it was only $1 per check, with no hidden fees?
- Add & verify your bank:
Before you start sending, we need to verify your bank information. Identify your bank account as personal or business and choose between manual and instant verification.
- Send your first check:
Once your bank is verified, it’s time to start sending! Simply enter the recipient’s name, email, and send your check. You can also use our Restful API, CSV upload, or Integrations.
Who is the company backed by?
Checkbook is backed by Tim Draper and a number of Blue Chip Venture Capital firms from Silicon Valley.
Which major institutions leverage Checkbook?
Leading companies that have chosen Checkbook.io: Beanworks Solutions Inc., Yooz North America, DHL, CeleritiFinTech, Baxter Credit Union, Coupa, and Vault Insurance.
Understand Same Day ACH
Learn about how Checkbook uses the ACH Network to provide simple and secure ACH payment solutions.
10 Ways To Get Paid Faster
Follow these 10 steps to make sure you get paid.
Checkbook's Fraud and Anomaly Detection
Learn more about our use of cutting edge technologies to combat fraud and reduce risk.