When archaeologists excavated an area in London’s financial district, they uncovered a veritable treasure trove of historical artifacts. Among these, aptly enough considering the location, were a collection of wooden tablets and when deciphered, the oldest was discovered to be an IOU dating back to 57 CE.
While the first official checks would not be printed until several hundred years later, the concept of a written document that confirms that a debt is owed has been around for more than two thousand years. And for the first couple of millennia, they didn’t really change that much from a simple record of who owed what to whom.
The formation of official financial institutions and banks changed the way money was managed, and the proliferation of printing presses allowed checks to be mass-produced, but the basics were the same. In fact, until recently, checks were one of the most popular payment methods in the US, popular for their simplicity and security among other things.
Checks in the 21st century
Their ease of use and the practical nature of checks contributed to their popularity for centuries, but things were bound to change in the digital age. Banking has changed completely over the last few decades as computers and the internet have allowed huge technological leaps to be made.
Gone are the days when physical records had to be maintained and adjusted each time a payment was made. The internet allowed banks to process instant payments through software that allows financial institutions to share information and update accounts millions of times a day.
As technology became more compact, information could be stored in a chip small enough to fit into a nearly flat card, allowing banks to automatically release funds instantly to their customers. No wonder, then, that checks have also enjoyed a futuristic makeover to bring them up to date and make them a part of the digital transformation of the banking industry.
Paper checks may be heading towards obsolescence, but the rise of the eCheck means that people can enjoy all the benefits of paying for things with checks without even needing to carry around a checkbook. As fewer people are using traditional checks, there are some alternatives that have become popular for a variety of different reasons.
The appeal of eChecks
As more and more transactions are taking place online, customers appreciate the appeal of swift, simple payment options and eChecks are designed to meet customers’ needs. They take less time to process than their paper counterparts as they do not need to be physically presented to a bank and they can be digitally processed automatically.
The fees associated with using eChecks are also lower, making them preferable to other forms of payment such as credit card payments, wire transfers, and automated clearing house transfers (ACH). This makes them a popular choice for those that want to use online services such as online gaming sites.
The best eCheck casinos accept a variety of payment methods, allowing them to register players from all over the world to make the most of their flexible approach to depositing funds. Some players prefer the anonymity of cryptocurrencies, some want the reassuring security of eChecks, whereas others want the ease and convenience of a linked bank account.
One of the main concerns that people have about conducting transactions online is the potential for security issues, and there are a variety of systems in place to ensure that online payments are safe. While it is important that the funds are directed to the correct recipient, it is also vital to ensure that the details of the transaction are secured to prevent anyone from being able to access information about the accounts of either party.
As the technology securing online transactions has advanced and improved, the number of places that are able to accept online payment has increased significantly. This has led to even more purchases and payments taking place online and increased customer confidence in the processes that enable such activity.
Where can you use eChecks?
The most popular payment methods in use vary depending on the region, industry, banking systems, and type of payment being made. In areas where checking accounts are common, eChecks have been a popular choice to replace traditional paper checks and they can now be used in a variety of places including:
Mortgage payments or monthly rent – because the limits on eChecks are higher than some other traditional forms of payment, they are the perfect way to make regular large payments securely online.
Loan repayments – when people take out car loans and other lines of credit, it’s important to be able to make the repayments in a way that they feel comfortable with. eChecks are ideal for these as both parties get an instant confirmation that the payment has been made, usually in the form of a PDF file which can be downloaded and stored for your records.
Monthly subscriptions – you can set eChecks to be paid out on a recurring basis, making them an ideal payment method for subscriptions or other regular payments. You never need to worry about a membership plan lapsing or missing a delivery from your favorite subscription box as the funds will be automatically deducted.
Whether you want to reduce the risk of late payments, conduct large transactions safely and securely, or just have a digital way to conduct transactions that you would have used traditional checks for, eChecks are the payment method of the future.