Things You Need to Know About Check Fraud
What is Check Fraud? When it comes to finances, we are all very cautious, especially in releasing funds to another person. In this day and age, it is normal to do online bank transactions when releasing funds. Another way is to issue checks when transferring funds or making online payments. However, while we benefit from […]
ACH and eChecks: What’s the Difference?
How can you distinguish between ACH and an eCheck? With people’s very hectic schedules nowadays, personally visiting banks can be a pain. Luckily, with the ACH network, this is no longer the case. This is a prominent method for settling invoices securely in an electronic manner. However, what about businesses that are comfortable with the […]
What Is Check Kiting? Exploring the Fraudulent Scheme
What is Check Kiting? This refers to the purposeful issuance of a check with an amount that is inadequate to settle the designated amount. Some of the mechanisms of this fraud strategy include: Issuing a check for which there isn’t enough money in the account of the payer. Depositing the forged check in a checking […]
What Business Owners Need to Know About Sending Out 1099 Tax Forms
Business owners can often feel intimidated by tax forms, and the 1099 form is no exception. Often, business owners are left puzzled by the changes to rules and regulations, so they tend not to bother filing them. As this can lead to significant costly penalties, it poses a serious problem for entrepreneurs. However, things are […]
Paper Checks vs. eChecks: What Are the Key Differences?
As a small business owner, one wants to maintain a competitive edge while keeping up with current technological advances. Therefore, it is essential to offer customers a variety of payment options for their purchases. Some may struggle to fully comprehend the differences between paper checks and e-checks. To clarify this, the following article will highlight […]
What is Accounts Payable? A Guide for Businesses
Accounts payable are defined as a liability to a creditor. It can be carried on an open account, which is typically used for the purchase of goods and services. When a company opts to buy goods and services on credit, it is called an account. You might know it by the name of credit. Whoever […]
What Is an Electronic Check? All You Need to Know
Making payments electronically is one of the technological gifts we can enjoy in the present day. In fact, most people already utilize electronic payment systems without knowing it. Gym memberships, for example, are often referred to as automated payments, but they are actually fulfilled via electronic checks. While eChecks are easy to use and understand, […]
What Are Bank Routing Numbers? A Complete Guide
Just like you have nine digits assigned to your identity, your bank account has nine digits to identify it and cement its association with you. This unique numerical string is known as your routing number. While routing numbers are typically discussed only when sending or receiving money to your bank account, they have a rich […]
What is RDC Deposit? A Guide to Remote Deposit Capture
The establishment of the Clearing for the 21st Century Act, widely known as the Check 21 Act, has, as we previously noted, introduced a variety of conveniences in America’s everyday money movement. The process of mutual check clearing among banking institutions has started relying significantly on electronic, as opposed to standard, physical check copies. However, this […]
Check by Fax: A Modern Approach to Payments?
Can you fax a check? Yes! In fact, one of the most common ways today to send a check is by fax, and it is an excellent option for secure delivery to a check recipient. In fact, sending and receiving checks by fax is one of the most preferred ways for companies to accept payments. […]