Easiest payment method for Buying & Selling - E-Checks
PeakRarities
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In recent months there have been numerous articles about wide USPS Check fraud operations involving postal service employees, in addition to the widespread package theft with all shipping carriers. That, in addition to the fact that I'm in South Florida, which has notoriously slow mail delivery (I often am waiting wait 10+ days for paper checks to be delivered), I try to discourage any collectors or dealers with whom I do business to mail me a paper check with ordinary first class letter envelopes and a stamp. There are just too many better options for sending & collecting payment that are faster, easier, and more secure. I can't imagine what a disaster it would be to deal with the bank to recover funds from a fraudulently deposited check.
If someone insists on using a paper check, I ask that they use a priority label in a cardboard envelope, but this adds at least $10 to the cost of that transaction, and still doesnt have that many advantages and may still require a trip to the post office and waiting in line.
Wires & ACH services are typically fast, but most types of accounts charge a $25+ wire fee, and it's still inconvenient if you dont have online wires or ACH set up on your computer. My account through Chase has free wires and I can do everything online, but there's still potential for aggravation if something is entered wrong or the bank feels the need to "protect" you by blocking the payment. New banking regulations have forced Banks to scrutinize wires in the name of preventing money laundering.
Then you have the services such as Venmo, PayPal, and better yet Zelle. Venmo & PayPal have buyer protection options (I dont know if Venmo's is any good, but they're owned by PayPal), but all of them typically have arbitrary and unpredictable limits and make things difficult for record keeping if you have to break up payments.
My favorite payment method as both a buyer and seller is using E-check through Deluxe payment Exchange. Yes, you have to sign up and link your bank account but the process is very simple and takes 1 day to verify the micro deposits. After that, you purchase either 50 or 100 e-checks at rates starting at .55-.68 cents each, and you will never want to send a paper check again. For the cost of a postage stamp , you can now send a check instantly delivered to someone's email, which they then can print out and take to the bank like a normal check. There are other options where you can direct deposit into your bank, but those only seem to be available under a certain dollar amount.
Unlike a wire, all you have to enter is the amount, who the check is made out to, and their email. Add a memo if you like and hit "send". The seller is paid immediately, and for some that means their coin gets shipped out much faster than if they have to wait for a paper check to be delivered. It's fantastic for record keeping, all of your incoming and outgoing checks are in one place. You make a mistake, easily void the check for free without having to call your bank. This method provides all the same protections as a normal check, with the utmost convenience and almost non-existent costs. Some prefer using PayPal for the added protection with unknown sellers, but E-checks are used for feelers transactions where the receiving party is a trusted seller or dealer you've done business with before, and any person with an email can receive one at no added expense. Most, if not all dealers actually prefer e-check to receive payment, for the record keeping aspect.
There isn't any referral program so I gain nothing by writing this, but I thought I'd pass this information along because it seems that many collectors wanted to try it out. The website has more information and a demo video, but the typical response of those I've introduced to DPX try it is "I don't why I waited so long to start using these" .
https://my.echecks.com/signup/banking
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a programmer here could write software to make echecks. there are only 2 things that change: the check number and the signature
i've signed many word docs with my mouse
Doesn't using echecks ultimately save on postage too?
Yes, stamps are now .73 with an increase to .78 that was taking effect this year, so the entire cost of the e check is less than the stamp., not factoring in the cost of buying checks and envelopes as well. The convenience is the most attractive to me, not having to write everything out and mail it.
They also offer a "print and mail" check service if you want to pay your bills or someone insists on a mailed check, you just enter the mailing address instead of email. That cost more though, rates from $1.61-$1.90 .
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I like them, my bank doesn't.
The last episode was pathetic. I was trying to deposit (not even cash) an E-check from a coin sale. They kept my wife and four kids in the drive-through for over an hour. They made several long phone calls and continued interrogating us about what I sold, who the buyer was, etc.
Sucks because they sure are handy. I assume the tellers don't deal with them often around here.
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Yea, I imagine some small town banks and credit unions may not be acquainted with them yet. Even at one Chase branch, the teller was puzzled and I told her "Just run it through your little machine the same way you normally would" and once she did you could see the light bulb go on in her head. Being that it's a new process, it might take some time before all tellers have an understanding but I don't know why they're not being trained to accept them, they've been around for a couple years now.
I mobile deposit them through my chase app, no issues whatsoever. I just printed and mobile deposited 3 of them moments ago, took about 5 minutes total.
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I'm not sure what exactly you mean, can you expound? E-checks are processed through the ACH system so Im not sure how someone could just make their own without using payment processing service that has access to that system.
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My bank (Chase) does this for free through the bill pay feature. Same with my former bank. Just fill out the payee’s address and they generate and mail a physical check.
Nothing is as expensive as free money.
Whenever I buy anything from Heritage, Stacks, or Great Collections, I always pay via eCheck. Easy and very simple.
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I have had two Priority Mail envelopes never arrive at their destination in the past couple of years. Even at $10 or more that is not a sure thing.
it is my understanding an echeck is simply emailed to the payees, they print it and deposit it. the eheck simply goes back to the sender's bank
in otherwords, it's a computer generated check that is simply emailed
some of the ai text above can be accomplished this way. the parts about verifying issued check info against the known info when the check is processed, and less prone to bounced checks by verifying the bank info.
some of this can be accomplished by the software knowing the bank info when printed and the issuers bank rejecting fraudulent checks, but if echeck acts as an intermediary then they can intercept bad checks.
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if this is just a computer generated check with all of your known bank account info and there is no intermediary, then this can be accomplish by a simple program that makes a check "file" to be emailed. perhaps there is an intermediary?
One dealer I deal with just takes a photo of the front and back of my checks and does the deposit by cell phone right at the shows. I have also text him pictures of checks for deposit.
A Word or Excel template could be used to generate the document that the receiver will print. Deluxe already did that for you and is giving you record keeping for what you pay. They're not processing the actual payment, since the recipient has to print and deposit the check. A Heritage e-check is an ACH payment.
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I am not a dealer but I have been doing that with any checks I get in the mail for a couple f years now ... just need the banks app on you smart phone.
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I’m old fashioned and pay with a handwritten check but I will try using an e check the next time I purchase a coin.
@PeakRarities thanks for posting this one, I've recently been trying to sort out the echeck mystery and now I am enlightened! A certain dealer is going to be so happy now that they don't have to run across town to the PO Box on account of me....thanks!
I was going to post the same thing. A younger dealer who I have done a decent amount of business with requested that I text
Photos of front and back of signed check rather than mail. I was skeptical but it worked seamlessly.
"Look up, old boy, and see what you get." -William Bonney.
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I use Deluxe e-checks. It’s for the convenience and speed for those who ask or prefer. Bitcoin , PayPal, Zelle and a host of others also work, albeit with fees
Thanks for the nice writ-up @PeakRarities
boston
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E-checks are definitely the way to go. I am slowly but surely getting some of my regular customers I buy from to take them. For folks who don't know what they are, they assume it's a bank-to-bank process involving account numbers. This happens to be the template I saved for explaining them:
I can send you a check via regular mail, or I can send you an echeck. If you're not familiar with them, it's something that I send you via email. All you need is a printer and a pair of scissors. Simply print it out and deposit it like you would any other check. The advantages are that you get payment immediately, and eliminate the possibility of a check getting lost or delayed in the mail. Whatever method you prefer is just fine.
I see, but my question at that point would be about the "void" process. Theoretically, If someone wanted to just make their own with word or excel, how would you "void" a an e check that was sent out? This would lead me to believe they some type of connection with the banking system, otherwise it would seem like it's too easy to just make a fraudulent one.
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I’ve been using Deluxe eChecks for about two years now, mainly for coin purchases. No problems, easy peasy!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I think this can be a little confusing.
Banks offer bill payment which you request payment made to someone.
You are discussing e-check which is a check from Deluxe you print on your computer?
Great Collections and Heritage Auctions offer eChecks whereby they take money from your bank account.
so far so good. i like them
Yes it is confusing, the term is used interchangeably for both. The way I see it, the service being discussed here, where an actual check is sent electronically, is the most logical use of the name "e-check". The system that you're referring to, where you input your bank information and the funds are pulled from your account by the receiving party, is technically an ACH transfer. My guess is that the nomenclature is from a time when ACH transfers weren't as prominent, and the DPX version of e-checks weren't around yet.
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