Why Electronic Payments
What’s the Benefit?
The benefits of receiving electronic payments versus paper checks are well documented and quantifiable:
- Safe — eliminates the risk of lost or damaged checks sent in the mail
- Increase cash flow — receive funds faster, available on settlement day
- Eliminate NSF checks — no concerns about checks bouncing
- Reduce processing costs — reduces paper processing costs
- Gain efficiencies — automatic payment reconciliation
Receive more payments electronically
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Since a UPIC masks a company’s bank account information, it can be openly shared to
promote the receipt of electronic payments (e.g. print on invoices, websites).
Protect your accounts against fraud
UPICs keep account information private. They are used for electronic credit payments only
and cannot be used to initiate ACH debits. Using UPICs reduces the risk of unauthorized ACH
debits, demand drafts and fraudulent checks. In a research study by The Clearing House*,
38% of large corporations reported cases of unauthorized debits to their accounts within six
months preceding the study.
Where can I get additional information on the benefits of electronic payments?
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