Since launching our AeroPay Online capability, we have often been asked the question “How does this differ from eCheck?”
The short answer is: in many ways.
To clear the air, however, we’ve outlined a few of the benefits of AeroPay - what we call a “Smart Bank Transfer” - vs. a solution like eCheck (otherwise known as traditional ACH).
One of the greatest frustrations with eCheck is the need to add account and routing number every time a transaction is being made. This process can be extremely tedious. Not to mention many people don’t know this number off the top of their head, so it can be a hassle to locate.
With AeroPay, there is a seamless registration and 1-time authorization through an online bank login for the first payment. Every subsequent payment requires only a quick login to complete the transaction.
Another common issue with eCheck is what is referred to as NSF, which stands for non-sufficient funds (sometimes called insufficient funds). This term is used to describe a checking account that does not have enough money to cover the cost of a transaction.
With AeroPay, a bank account balance check is done before every transaction run through the platform, eliminating the possibility of a “bad” or “bounced” check.
Something else problematic with eCheck is the length of time it takes for payments to settle. Depending on the provider, an eCheck can take anywhere from 3 to 4 days to process.
With AeroPay, the money will show up in recipient's bank account the next day*.
Finally, the pricing structure for eCheck is not particularly favorable. Generally, eCheck has a flat cost per transaction - either as percentage (%) of the transaction or a dollar value fee.
With AeroPay there is flexible variable pricing that will never go over 1%. It’s determined by volume.
Are you looking to upgrade to a better solution than eCheck? Click here to learn more.
*Transactions initiated on Friday afternoon or the weekend will be completed on Monday.
We’re happy to show you our full payments solution and put the best bank-to-bank transfers to work for your business.