Over 85% of business prefer to receive electronic payments over paper checks.
2021 Payments Study; Aite Group
Automate outgoing payment processing with a solution that integrates into current accounts payable processes. Delivered instantly to any email address.
OVERVIEW
With Deluxe Payment Exchange, you can optimize your accounts payables processes with fast payments made when you need them. And for your payees, eCheck payments from Deluxe Payment Exchange can be received instantly. All payees need is an email address. If they don’t have an email address, we have the answer for that too. Deluxe can print and mail live check requests for you, going out as quickly as the same day. This process is brought to you by Deluxe, a company with 100-plus years of payment technology innovation.
FEATURES & BENEFITS
Digital payments help reduce the real risk of check fraud by mail, with 75% fewer touch points and allows the payer to always know where the payment is in the process.
Stop worrying if your check will get to your payee, or when they will cash it. Digital disbursements allow for more precise delivery windows, include remittance data, and can be reissued without bank involvement.
There’s a lot of time and money put into processing traditional checks. Payments through Deluxe Payment Exchange reduce the manual steps of a check run and the expense of postage, printing and labor.
Deluxe Payment Exchange gives people the choice on how they want to receive a digital payment - print or deposit like a traditional check, or use Deposit Services to deposit to a bank account, debit card or through PayPal.
Facts
KEY BENEFITS
Whether your systems are proprietary or off-the-shelf, our API allows enterprise companies to initiate accounts, send checks and perform many other system functions. Security is foremost, so Deluxe Payment Exchange API is SSL-only.
Our professional team can integrate the API into your existing system, or we can supply the API for you to implement yourself. Whichever you choose, our integration experts are here to help.
No more lost payments or wasted labor. Deluxe Payment Exchange pays suppliers and customers in ways they want — either printed check or with digital payments. Digital payments can be printed as a check, direct deposited, or deposited to debit card or PayPal. Print+Mail combines the speed of electronic payments with the experience of receiving a traditional, high-security check.
Don’t worry about spending time or energy setting up a new process. Paying with echecks is as easy as sending an email. It’s also a great solution for one-time or infrequent payments.
HOW IT WORKS
If sending by eCheck, Deluxe Payment Exchange digitally sends the payment and remittance notification to the payee by email. If by Print+Mail, the payment is printed on high-security check stock and mailed the same day by Deluxe.
SURVEY RESULTS
For the third year in a row, Strategic Treasurer and Deluxe have partnered to survey more than 200 companies and financial institutions across the world to identify and analyze accounts payable (AP) insights and emerging trends. Strategic Treasurer Founder and Managing Partner Craig Jeffery, along with Deluxe's Executive Director of Digital Payments Solutions Chris Clausen, share the executive summary, key finding analysis and survey demographics in the 2022 Modernizing AP Processing Survey Report.
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TESTIMONIALS
RESOURCES
While no payment method is 100% safe from fraud, we’ve used over 100 years of check experience to create a patent-pending process designed to make eChecks one the most secure payment methods on the market today.
When your account holders are notified by email that they have received an eCheck, they can simply retrieve it from our secure online system by clicking the ‘Open this Check’ button. Then print the check out on any printer and cash or deposit just like any other check payment your account holders receive. It’s free and no registration is required.
eCheck can be printed on any printer and the deposit steps are the same as today (mobile, ATM, bank branch) or the payee/recipient can utilize Deposit Services to directly deposit into a bank account, debit card or to PayPal.
eChecks are universally recognized as part of the ordinary payable process and because they are checks, they are treated the same as any other check throughout the process of transacting. Unlike other epayment methods, Deluxe Payment Exchange allows payers/senders to include remittance information explaining what invoices are being paid for and if any discounts have been applied.
Security starts with access to the Deluxe Payment Exchange web portal. All users logging into the Deluxe Payment Exchange are required to use Multi-factor Authentication to ensure access to their Deluxe Payment Exchange account is accessible by them and only them. Setup of every Deluxe Payment Exchange checking account goes through a rigorous, multi-stage security process before your account holders can start sending checks. We have a dedicated team and extensive account authentication processes in place to monitor account setup to ensure that the checking account being added in Deluxe Payment Exchange is linked to a bank account to which the requester is authorized to take this action, and that the requester is who they say they are. Check creation and retrieval takes place on our secure platform. Most check fraud occurs to items as they go through the postal system; by allowing senders to deliver eChecks directly to their recipients via secure email links, the number of hands an eCheck passes through is drastically reduced when compared to a traditional paper check. Additionally, since this all takes place on our platform no banking information is transmitted via email; only notifications.
Within the Deluxe Payment Exchange platform, all routing and account information is ‘masked’ until needed to process the check. In the case of recipients electing to use Deluxe Payment Exchange Deposit Services, the recipient never sees the sender’s banking information as the transfer of funds is done behind the scenes. In the cases where the recipient chooses to deposit the item on their own, routing and account information is not visible until the point in time at which the check is printed. Our one-of-a-kind Payment Exchange Check Verification Service is available for all eChecks and Print+Mail checks written through the Deluxe Payment Exchange. This security offering is targeted to Financial Institutions to help confirm an item’s authenticity when they are presented with one of our checks. The verification services allows tellers to be confident that the check has been created by an authorized user and hasn’t been changed or altered since it was originally issued. Most financial institutions offer checking account holders a positive pay service. If your account holders have positive pay, eChecks are compatible whether they’re providing check information to their financial institution independently or whether they partner with Deluxe to get a Positive Pay feed directly through our platform. Last but certainly not least, eChecks are processed by financial institutions the same way traditional checks are processed; this means all the safeguards your account holders' financial institution has in place to deal with check transactions (like treating each check as a numbered transaction, funds verification processes, and security holds) still apply to eChecks!
Yes, eChecks are everything paper checks are with one key difference - they are delivered securely in seconds, via notification through email.
Payees/recipients can print and deposit an eCheck using standard methods or choose to utilize Deposit Services - direct deposit to a bank account, to a debit card or to PayPal. With eChecks, payees/recipients get paid faster, can accept payment without a cost or the need to create an account.
There are two options to include information with an eCheck payment. The first is rermittance data. It will be delivered as part of the payment as an automatically generated second page of the check PDF. The other option is to include attachments. If an attachment is sent, it will appear as an attached document in the eCheck lockbox. Payees/recipients will need to create a user account (no charge) to download/view/print attachments.
