Electronic payments are becoming more possible and popular as technology advances. In this digital world, anyone receiving payments prefer to receive it electronically. This offers recipients the freedom to move and control with their funds on mobile devices and online. Moreover, 94% of people surveyed prefer a Push-to-Card or ACH disbursement instead of a paper check. Electronic payments come in various forms including:
- Automated clearing house (ACH)
- Wire transfers
- Item processing (IP)
- Remote deposit capture (RDC)
- FedLine Access Solutions
- Automated Teller Machines
- Card Services (ATM, credit, debit, prepaid)
- Mobile payments
Switching from paper checks offers a lot of benefits. Electronic payments eliminates the risk of check fraud and the cost of checks; reduces the amount of physical contact needed; and lowers the amount of time wasters in the workplace. Checks typically cost between $4-20 per check which includes supplies like paper and stamps, man power, and risk of fraud or escheatment. Also, by limiting how much physical contact is required, it is easier for your company to stay healthy and safe when working from home or social distancing in the office. This will increase productivity and save your business money as well. In addition, your accounting department will love hearing that account reconciliations can be done immediately and effortlessly. Account reconciliations are time intensive. Therefore, your accounting team can now reallocate that time.
So how does your court take advantage of these benefits? Your court can offer easily accessible payment options by using CourtFunds’ disbursement technology. After funding your recipients’ accounts, their funds can be accessed via a debit card or an online account. From there, they can choose how they want to use their money or where they want to send it. In conclusion, CourtFunds can help you save time and money.