What are EGP eChecks
EGP eChecks powered by VerifyValid is a check-based service that allow businesses to create and send payments to anyone from anywhere via the Internet. They're fast, easy, cost-effective and secure. And they don't require additional software or investments in new technology for either the sender or the recipient. eChecks give businesses added flexibility and more control over their cash management - a smart complement to traditional paper checks
When was the EGP eCheck introduced
VerifyValid introduced their platform to help prevent check fraud in 2011 and launched their eCheck for general use in 2012. EGP is partnering with VerifyValid to bring this innovative solution to its customers. We are the trusted experts for small businesses all over the world. Bottom line: EGP knows checks and we think this is a great payment solution for your business.
Who can use a EGP eCheck
EGP eChecks powered by VerifyValid are designed for any business or person with a checking account who wants to improve cash management by reducing costs and streamlining the processes associated with sending and receiving checks.
How does the EGP eCheck differ from other electronic payment services
EGP eChecks powered by VerifyValid enable electronic payment by check. Unlike ACH and direct deposit options, EGP eChecks do not require a merchant account, specialized equipment, or payee banking information. EGP eChecks are less expensive than credit cards (which can include fees of up to 4 1/2 percent per transaction), and wire transfers (which generally cost $25 per transaction). Electronic payment options such as PayPal are conducted across privately-operated networks which require payees to join the network. They also typically charge an interchange fee. EGP eChecks are sent via the Internet. Compare to other online bill pay solutions.
What are the benefits of using eChecks
While the trend is to use digital payments, businesses continue to issue 13.1 billion paper checks each year because they provide critical capabilities not normally available with electronic payment systems. With EGP eChecks powered by VerifyValid, these capabilities are finally available:
- Send a payment with attached remittance information
- Provide payment without the banking information of the payee
- Issue payments to parties without bank accounts
- One person can create the checks and another can approve them
- Increased security and fraud prevention
How is this service different from a bank service sending checks
There are several valuable differences:
- EGP eChecks powered by VerifyValid provide remittance information, and bank issued checks do not
- EGP eChecks only require an email address and no payee account information
- You are in control of sending the check
- There may be additional processing time and/or rush fees associated with using a bank service
Is EGPChecks planning to stop printing and selling paper checks
Not at all. EGP eChecks powered by VerifyValid will be sold along with paper checks, offering our customers the widest array of check options possible. This is the next step in EGPChecks history of bringing innovative new check products to market (One-Writes, Manual Checks, Continuous, Laser, High Security and now Electronic Checks). This addition to the EGPChecks suite of check products allows our customers to choose the solution that best suits their business needs. We anticipate that many customers will end up purchasing both electronic and paper checks.
What other companies sell eChecks
Currently there is no other product like the EGP eChecks powered by VerifyValid. Together VerifyValid and EGP are assuming a leadership stance, delivering a unique industry-changing product to the marketplace. Other products that refer to themselves as eChecks typically are not â€“ instead they are usually one-time ACH Transfer. EGP eChecks, on the other hand, allow you to send any number of checks quickly and seamlessly through the Internet anytime you want without having to make a special request or pay additional fees. Compare to other online bill pay solutions.
From start to finish, the EGP eChecks process is fast and easy. Hereâ€™s how it works:
Registered customers login to their EGP eChecks powered by VerifyValid account and select the Checking Accounts tab. From there they can select Single Check, Check Run or Check Import functions. When creating a Single Check or Check Run, the customer simply fills out the open fields of the check (just as with traditional paper checks).
- Payee Name
How does the recipient deposit the check
EGP eChecks powered by VerifyValid arrive via email with a special code so that the recipient can retrieve the check. The recipient simply prints the check and deposits it in the same way they deposit traditional checks. If recipients are also users of the service and bank with a participating financial institution, they can deposit the check directly into their account.
How do I create a check
1. Once you have opened your EGP eChecks powered by VerifyValid account: Select Checking Accounts then pick the applicable Checking Account from the dropdown. Use the Single Check tab for sending individual payments or use the check Run tab to send multiple checks.
2. You can then fill out the check. Add an email address and select the Create and Sign button. An email notification will be sent to the check recipient(s).
Is this a subscription service No, customers purchase a specific number of checks, similar to the method used for traditional checks.
What is the fraud prevention platform
The proprietary approach based on patented technology allows companies and banks to help reduce fraud by easily verifying the authenticity of checks. Customers and financial institutions using VerifyValid's Check Validation service can confirm at any time that an authorized EGP eCheck was created by a user of the system and that the item remains unaltered since creation. This service can assist in catching and stopping fraudulent checks before they enter the banking ecosystem.
Does any information on the VerifyValid system live or stay â€œin the cloudâ€�
The VerifyValid software-as-a-service is deployed using best practices for high availability and security. Thus, for example, data that is â€œin the cloudâ€� is in physically secured data centers that are regularly reviewed for compliance via SSAE 16 audits.
I forgot to deselect a vendor when I opened the "Issue Checks" dialogue box, how do I find that check
Log in to your eChecks account , select the checking account tab, and click the checking account name. From Account History, you will see checks that have been created, click on any one that doesn't have an email associated and you can either add an email and issue a PDF or you can print and deliver by another method.
I have a vendor who doesn't have an email address, but I want to issue all my checks using EGP eChecks. How do I do it Login to your eChecks account and select the checking account tab and the checking account name. From Account History, you will see what checks have been created, click on any one that doesn't have an email and you can print and deliver traditionally.
What platforms does the EGP eChecks Add-on for Quickbooks work on
Requirements for running the Add-on for QuickBooks are:
- Windows 8, all editions including 64-bit, natively installed (QuickBooks R4 and later required)
- Windows 7, all editions including 64-bit, natively installed
- Windows Vista (SP2 or later), all editions including 64-bit, natively installed
- Windows XP (SP3 or later), all editions including 64-bit
- Windows 10 all editions including 64-bit
Who can use the Add-on for QuickBooks
Anyone with a EGP eCheck plan and a version of QuickBooks that meets the system requirements.
Where do I establish the eCheck delivery address
The payment notification email address is established in Quickbooks using the Main Email field in the Vendor/Payee account profile.
I have a Virtual Lockbox but not a EGP eCheck plan and want to use the Add-on for QuickBooks; how do I get it
Login to your EGP eCheck account and select the Checking Account tab, then Settings > Upgrade. Upgrade to a EGP 100 or higher eCheck plan and you can then get access to the Add-on for QuickBooks.
Is the Add-on for Quickbooks available to users with Just the free Virtual Lockbox
No. The Add-on is only available if you purchase an EGP eCheck plan.
Do I have to have QuickBooks already installed to use the Add-on
Yes, the Add-on for QuickBooks will not work if QuickBooks is not currently installed on your computer.
Can I download and install the Add-on, on multiple computers
Yes. Any computer where you install QuickBooks will also need to have the Add-on for QuickBooks downloaded.
I don't see the Add-on in my Checking Account Settings dropdown
The Add-on for QuickBooks is available with EGP 100 or higher eCheck plans. If you purchased one of these plans and don't see the option, please notify firstname.lastname@example.org with your email, your user name and a phone number. If you are a Virtual Lockbox user, upgrade to EGP 100 or higher eCheck plan to get access to the Add-on.
I don't have email addresses for all my vendors, but I want to issue some checks via EGP eChecks powered by VerifyValid and some by printing from QuickBooks
When you issue your payments, the Quickbooks Add-on will automatically deselect any vendors that don't have an email. Unless you manually select those items, they will be available to print from QuickBooks directly.