Connect with us

Technology

Your Five Common Questions About eChecks Answered

Published

on

eChecks

As a business, you need to be flexible with the payment options that you offer to consumers. This will not only give you the competitive edge over other businesses but it will also help you speed up payment collection.

Aside from credit card payments, you can also use electronic checks or eChecks as a form of payment from customers. Some high risk merchant account holders prefer eChecks because they are safer.

Here, we answer five of your most common questions about eChecks and how they can benefit your business:

What is an electronic check?

In its essence, an eCheck or an online payment option where you can withdraw money from a customer’s checking account, move it to the ACH network and deposit it to your checking account.

To make this possible, you will need to apply for an ACH merchant account and the customer must authorize the payment by accepting your Terms and Conditions, signing a contract or through a recorded voice conversation.

What is an ACH merchant account?

The ACH network is a platform for funds to be distributed electronically among users. It is regulated and recognized by the National Automated Clearing House Association (NACHA) and the Federal Reserve (Fed), and it’s especially beneficial for businesses because it allows for faster transactions as compared to accepting traditional paper checks.

What are the steps to processing an eCheck?

Processing an electronic check is almost similar to paper check processing, only a lot faster. The first step is to request for authorization from the customer through a signed order form, recorded phone conversation or online payment form.

Once this is completed, you can then input the payment information into the software and submitted for processing of the ACH transaction.

The ACH network then withdraws the amount from the customer’s bank account and the software sends a payment receipt to the customer to confirm the payment.

Then, the network deposits the payment into your bank account, which takes within just three to five business days after the transaction was initiated.

Where are eChecks commonly used?

Electronic checks can be used in almost every type of online transaction, but they’re mostly utilized for big-ticket purchases and recurring payments such as rent, car, mortgage or even fitness gym memberships.

They are most popular in real estate where property managers usually ask tenants to fill out a recurring eCheck rent payment form that authorizes them to deduct the rent automatically from the tenant’s account every month.

What are the Benefits of using eChecks?

Electronic checks offer a lot of benefits both for customers and businesses. For one, they help reduce processing costs by as much as 60% and processing time is also a lot faster than collecting payments through paper checks.

You can also guarantee that transactions are processed safely with minimal errors and fraud because payment processors use heavy encryption and authentication before a payment could get through. Of course, you can save yourself the paper clutter by going for this paper-free option.

Though some industry, such as marijuana dispensaries, cannot use eChecks yet, this form of payment is highly sought after, even in today’s increasingly digital landscape.

So if you’re looking to expand your payment options for customers, an eCheck is definitely a good method to try.

Also Read: The Four Types of Payment Gateway to Choose for Your Online Business

An Engineer, Youtuber, Sportsman and National Level Shooter with a Taste for Technology and Gadgets. Loves to Review Tech and Play the Most Demanding Games out there.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Technology

Home Improvement Ideas for 2021

Published

on

Home Automation Systems

With most people in the world spending vastly more time at home than before, change is inevitable. Spending lots of time at home allows people to examine their surroundings and want to make modifications.

2021 is an excellent year to brush up on your passions, and home improvement is no exception. With a little innovation and dedication, you can quickly transform your house into a home. With the rapid advancement and growth of technology, smart homes have become irresistible.

Home improvement ideas have to embrace technology to keep up with the global home automation trend. Here are home improvement ideas you should contemplate.

1. Entertainment

Home entertainment and entertaining visitors will most likely be a spotlight of home improvement ideas for 2021. With entertainment outlets such as pubs, restaurants, and cinemas closed to the public, you could host get-togethers with loved ones in your own home.

1. Home Audio

Enjoy the sounds of a live music festival from the comfort of your home. Music lovers can savor music in their house or their backyard. You will need to contact a professional integrator to install a comprehensive distributed home audio system that includes both indoor and outdoor speakers.

It is worth noting that professional installers usually use in-wall and in-ceiling speakers for distributed audio. This will keep your home aesthetically appealing without disarraying your spaces with wireless speakers.

2. Wi-Fi

Almost every home entertainment system in this century is dependent on coherent, dependable Wi-Fi. If you live in a bigger house or if your internet connection is prone to irritating dead zones, it will greatly impair your streaming experience. The glaring solution is to upgrade your conventional router-based Wi-Fi to a mesh Wi-Fi system.

Since Advanced Network Assist technology is in-built, the mesh network is optimized in the background without the need for user intervention. Besides, with its family controls, mesh Wi-Fi allows you to monitor and manage your children’s Internet activity, which is a classy bonus.

2. Security

Home security has to be the epitome of home improvement ideas for 2021. A smart security system can do more than just alerting you whenever a burglar attempts to enter your home. It connects entry sensors and sirens to devices such as smart door locks, smart thermostats, and smart lighting through your Wi-Fi network.

These are the key features your smart home system can entail.

1. A Home Alarm Security System

Your first step in protecting your home will be to install a smart security system. Have a smart system to protect your entry points and inner levels of your home such as the hallway. Also have at least one smoke detector which can be in the kitchen or hallway. If you reside in an apartment complex, have at least a smoke detector on every level.

2. Smart Lighting

Additionally, lighting will deter intruders. Getting lights that are programmed to turn on and off at odd intervals each day will help to protect your house while you are away. Better yet, you can opt for security lights with surveillance cameras. As a result, anytime someone approaches your home, the camera lens will record a video of the person. This will assist you in either taking precautionary measures or later viewing the footage.

3. Cleaning Devices

We all know that a clean environment leads to healthier, happier, and more productive residents. Nevertheless, cleaning can be stressful at times. Most, if not all, of the work, can be done by a variety of tools and devices. Although some of them may require some initial configuration and getting used to, they will save you time and effort in the long run, and you will recognize the difference.

1. Robot Mop

Hard flooring, such as stone, hardwood, and tile requires mopping. A robot mop will penetrate the difficult-to-reach areas such as beneath shelves and around toilets and sinks, ensuring that every inch of your house is spotless.

Based on the type of pad you connect to it, the mop will automatically select the ideal cleansing method be it wet mopping, damp sweeping, or dry sweeping.

2. Toilet Bowl Cleaning System

Forget the days of routinely scrubbing your toilet. Contrary to bleach tablets dropped into the tank which can damage your septic system, the toilet bowl cleaning system directs a cleaning solution into the overflow tube of the flush valve, ensuring that no contaminants ever come into contact with the fill valve.

3. Automatic Carpet Cleaner

A carpet stains easily and is generally strenuous to clean. This mobile carpet cleaner is especially popular among pet owners for saving the day after an unexpected accident. With the push of a button, it instantly sprays, brushes, and suctions to eliminate all surface and set-in pet and tough stains.

Conclusion

Indeed, with the modern home increasingly becoming automated, you need to adopt the best home automation systems to monitor and control components of the home such as lighting, entertainment systems, and other devices.

Also Read: The New Revolution: Valet Parking Software

Continue Reading

Technology

PRINCE2 Project Management Terminology

Published

on

PRINCE2

Project management terminology is unique to the IT profession and consists in a rather complicated set of terms and phrases that are only now coming to the fore.  Although project management can be grouped together with the rest of the IT profession, for example in the management of project investment, project management refers to a particular type of activity in an organisation, usually distinct from the rest of the organisation.  

This characteristic was first brought to light through the study of activity theory used to describe the work of a group of specialists in the area of information systems.  An activity is an activity performed in the course of carrying out the activity goal. As outlined on a prince2 training online course.

As this activity is carried out, the activity goal is the result of the activity (the activity goal).  When an activity element is realized, the activity goal is the result of building up from past experience, usually made known as feedback to the activity element.

KnowledgeTree PRINCE2
KnowledgeTree PRINCE2

An activity element may have a past consideration as an input, for example, the fact of a technical issue, the task completed, or a general understanding in the use of the deliverable.  This feedback is interpreted amongst the activity element and the activity goal is the accepted version.  Through this interpretation of feedback, the work of the activity element is the derivative of the principal idea of the activity goal.

The way the activity element is written is that of a pecul THAT accumulates over the whole of the life cycle of the project.  For each element, the activity goal is identified.  These project deliverables are then passed into the next available activity element to complete the task set out for the process.

The first use of project management terminology was by Martin Lazzarini and is followed today, by the Institute of Project Management in the UK (we can thank Tom Philips for this).  The project management body, the Institute of Project Management, has aiconic style of presentation which is still used today.  

This is somewhat Toyota style and reflects the way that concepts are brought to life.  I’ve known more than one individual from a company who has used this style of presentation and is seen as a good way to pass on some project ideas.

When I first learnt about this method, the acronym was developed by some people including?”, coaching some on how to do it better” and ” providing detailed, structured methods for its use”.  It was more speaking than writing and came about as a result of the work ofettes Palmer (ewaterfall) and David superficially (re Whereas a project is defined means that an infinite number of those are possible outcome).

PRINCE2 Project
PRINCE2 Project

The system developed by the Institute of Project Management was based on the activity of the first project manager called, “Projects – short work and actions”.  This was a method used to establish a method for the interpretation of input of project feedback, which lead to sentence, for people who saw no further option, to realise the role of project and manager (the project)  So the terms project management and project planning were born.

And all these terms are here to stay, because we’re always in some project or thinking whether that’s approaching a project or even developing skills to reach the next realisation.

Project management is the process of directing a designated group of people with defined activities to deal with or manage the project at a specific point in time and develop appropriate procedures to deliver successful outcomes in a bigger more comprehensive scheme.

Project planning is the process of determining the activities needed, along with any time a better approach would bring forward an effective total outcome (traffic) for the project.

Project management skills are those which are required for accomplishing the speech of use (THS).  It’s in the project plan that you specify all the activities and stipulate how they will bring into poor the project outcomes.

The project plan should predict exactly how to get to the end results expected.  The plan should also encompass these items.  The project plan and project put in detail is the purpose of selecting a project master and the Project board.  

The project plan will be used to provide a business case for funds, in funding processes, and as the basis of the implementation plan for everyone involved.

Continue Reading

Newsletter

Trending