An eCheck does exactly what it says on the tin. It provides you with the electronic equivalent of a common check, or cheque. In an online world that is moving at a faster pace than ever, where electronic transfers are less an option and increasingly an inevitability, some people prefer the balance of old and new that an eCheck offers.
As a buyer, there are certainly advantages to using an eCheck. For one thing, the funds normally take 3-4 working days to fully transfer into the recipient’s account. During these 3-4 days you are still able to accumulate interest as you normally would. This may not sound like much on its own but add it up over multiple transactions and you’ll see that, over time, the savings really do add up.
Once you have sent an eCheck the recipient will receive a message informing them that their money is on the way – so you have a little more than simply word of mouth to reassure them. It is a fairly safe option for both parties and, whilst many electronic transfer options are so fast and simple it is easy to lose track of how much was spent where, the eCheck provides an easily traceable trail from the moment you send somebody funds, to them receiving it, with several days in between.
eCheck’s are not favoured by all companies, as many prefer the instant payments offered by credit card, debit cards, and e-wallet systems such as Ukash. For sites that are willing to accept eChecks, however, they are a solid way to make an online transfer that helps you keep track of your spending.