Despite major advancements in the payment industry, there’s no perfect way for auto businesses such as dealerships, repair and body shops, and auto parts providers to make payments. ACH transactions are secure and fast but require the recipient to supply their private banking information. Credit cards are everywhere, but the merchant pays big fees for convenience. Checks are secure and easy but can get lost or intercepted by fraudulent parties. Consider a new way for the auto industry to pay.
Safeguard, a trusted checks provider with more than 60 years of experience in the payments landscape, has developed a solution. Safeguard eChecks are a secure, affordable, online payment product that allows businesses to instantly create and send a check to anyone with an email address. They work just like the paper checks you use now but are sent by email.
Digital security measures
An eCheck is created and retrieved in a secure online portal that allows only the intended recipient to access and deposit your check. When you send an eCheck, the recipient is notified via email that a payment is waiting, but the check is not attached to the email, and no banking information is transmitted. Check recipients and banks can easily verify the check’s authenticity.
The eChecks system allows multiple members of your business to initiate payments, and for the account holder to control their activity. An employee can create an eCheck, but the account holder must approve the payment before it can be sent. The separation of controls empowers employees to create their own payments while safeguarding against theft.
Remote payment processing
The eChecks system lets business owners pay from anywhere, using their computer, smartphone or tablet. Employees can make payments at auto auctions, in the service bay, at parts suppliers or on the dealership lot — no matter where the boss is located at the time.
The product also integrates seamlessly with Quickbooks and Positive Pay. And while eChecks aren’t suitable for every payment need, they are a valuable addition to business owners’ toolkit.
To learn more about all the benefits of Safeguard eChecks and to see why they make so much sense for your auto business, contact your Safeguard consultant today.