I use Intuit processing for my credit card processing and I recently noticed that they offer a service where they will convert a paper check to an electronic check and deposit it directly into the account This is a service where I could just use my own computer and internet service to process the checks
I am currently using a system where my tenants send their checks to the bank and the bank deposits them at no charge to me. However that puts me in the position where I have to trust the bank tellers not to make a mistake…for example, I have had to deal with several “mystery deposits” where the teller handled the deposit by just itemizing for amount, not lot number or name…so I had to take time to figure out who paid what etc.
also I have had some challenges in actually reading the names on the deposit slips that are submitted to me electronically not to mention mistakes that were made because I have several “Smiths” “Johnsons” “Browns” etc.
have not yet looked into the prices yet, (awaiting a return call) but I can see the advantages…
1.the checks never bounce because the money is directly deposited,
2 since I use quickbooks the deposits can be uploaded from the Intuit website just like credit card charges
3 My tenants know that I have control over receiving the checks where I am,
4 but I can deposit them to an out of state bank
the drawbacks I could see was that if I were out of state for the winter, I would have to rely upon the post office to forward the checks sent by mail…which often times takes an extra week
and my tenants who pay by money order would need to have a checking account to pay me.
and of course the costs, which I will find out later
anyone else ever use the electronic check service?