Cashing checks received electronically

Seevee · Dec 5, 2017

All,

I'm looking for a paperless way to receive checks. Most of my creditors pay directly into my business account and it's easy.

But I have a few that use their bank to send a bank check to me in the mail, which doesn't work well, especially when on the road.

Looking for a solution where the creditor could send the money directly to my account with some sort of documentation without messing up his bill pay. I pay all of my bills the same way and there's some that go out as a paper check and looking for a better way to send those electronically, too, also. So, I'm looking to solve the problem from both sides of the fence.

Ideas?

(Oh, my banker is clueless, but shopping for perhaps a credit union or better bank, if there is such a thing)

john61ct · Dec 5, 2017

Mail forwarding + most online banks have deposit by taking a picture.

Maybe a friendly mom& pop mail forwarder and you open an account at their bank?

Most online banks have the option to send out paper checks.

Northern Spy · Dec 5, 2017

Can you email money in the states now? Or is that still just a Canadian bank thing? It works great.

Chrisjs · Dec 5, 2017

Bank of America lets you deposit checks using our I-phone (or similar). Download the BoA app, take a photo of front and back of check - done and dusted!!! If not BoA, perhaps your bank has similar (or change your bank account!)

FoxtrotCharlie · Dec 5, 2017

"I'm looking for a paperless way to receive checks" OP said paperless, ie direct deposit.

Ask you bank if they accept Popmoney - this is a service that sends money directly to a bank account. Then tell your creditors to get the app - costs the sender $1 per transaction. You will receive an email letting you know the Popmoney has arrived. For the first pmt you will need to go to your banks website and 'accept', then its automatic after that.

Its the way many of my tenants pay their monthly rents - when we get ready to leave for the Loop, I will require all tenants to pay this way, and I may even reduce their rents $1/mo. Even old bankers like me can learn news tricks

john61ct · Dec 5, 2017

Lots of payers don't have flexibility for you to just tell them to use an app. If they can then Venmo, PayPal, there's a myriad of such services.

Old-school wire transfer works fine too but same problem.

The challenge here is a service that will receive a *paper* check and deposit it for you.

If that exists, I probably wouldn't trust it

I think the solutions I posted above are closest.

Seevee · Dec 5, 2017

FoxtrotCharlie said:
"I'm looking for a paperless way to receive checks" OP said paperless, ie direct deposit.

Ask you bank if they accept Popmoney - this is a service that sends money directly to a bank account. Then tell your creditors to get the app - costs the sender $1 per transaction. You will receive an email letting you know the Popmoney has arrived. For the first pmt you will need to go to your banks website and 'accept', then its automatic after that.

Its the way many of my tenants pay their monthly rents - when we get ready to leave for the Loop, I will require all tenants to pay this way, and I may even reduce their rents $1/mo. Even old bankers like me can learn news tricks

Foxtrot,
Thanks, looks promising, and we do have one creditor that uses something like this, but is only for same bank to bank. However, the guy that send me a lot of checks is a big operator and I'm sure he wants to keep all of his bill paying consistent, so I'll have to do something on my end to receive the check.

Perhaps I'll get someone to receive and use their phone app to deposit it.

I'm almost totally paperless and like it. But use a ton of paper "in-between" for proof reading, etc.

john61ct · Dec 5, 2017

Maybe a dedicated account your proxy uses for just that purpose.

With a bank that lets you pull funds out electronically. Keep it with the minimum only, so no monthly fee.

Wxx3 · Dec 9, 2017

Chrisjs said:
Bank of America lets you deposit checks using our I-phone (or similar). Download the BoA app, take a photo of front and back of check - done and dusted!!! If not BoA, perhaps your bank has similar (or change your bank account!)

I would think your bank would offer this.
Occasionally I'll get checks and i have my friend take picture of front and back and then I deposit it using the bank app (in this case AKUSA FCU)

HeadMistress · Dec 9, 2017

Most of my creditors pay directly into my business account and it's easy.
But I have a few that use their bank to send a bank check to me in the mail, which doesn't work well, especially when on the road.

I've used Quicken to pay bills for at least 20 years. Most are transferred electronically...my bank (USBank) only has to mail paper checks to a few...and the problem is at the payee's end, not the sender's (my) end...they aren't set up to receive EFTs. Since you're able to receive EFTs from most of your customers/clients, we know you're set up to receive 'em...so the first thing I'd do is ask the people from whom you receive paper checks what billpay software they're using (some programs like Microsoft Money have been discontinued) and whether they're able to transfer money to others electronically or all the payments they upload have to go out on paper.

Peggie

Seevee · Dec 9, 2017

HeadMistress said:
Most of my creditors pay directly into my business account and it's easy.
But I have a few that use their bank to send a bank check to me in the mail, which doesn't work well, especially when on the road.

I've used Quicken to pay bills for at least 20 years. Most are transferred electronically...my bank (USBank) only has to mail paper checks to a few...and the problem is at the payee's end, not the sender's (my) end...they aren't set up to receive EFTs. Since you're able to receive EFTs from most of your customers/clients, we know you're set up to receive 'em...so the first thing I'd do is ask the people from whom you receive paper checks what billpay software they're using (some programs like Microsoft Money have been discontinued) and whether they're able to transfer money to others electronically or all the payments they upload have to go out on paper.

Peggie

Peggie,

Good point and wonder if that's possible. The vendors I have trouble with are using the same bill pay online services that I do, and if one is not set up as a EFT vendor in the banks system a paper check goes out. Those vendors are big companies, utility, banking, etc. Wonder if there's an option for small companies, would be perfect!

Thanks.

HeadMistress · Dec 9, 2017

It's not the size of the company...A lot of small companies can receive EFT payments...but believe it or not, one of the payees my bank has to send a paper check is a Visa card issued by the same bank...the credit card division is a separate company that isn't set up to receive EFT from their own banking "company" but can from other banks. So there may not be anything you can do about it.

BandB · Dec 9, 2017

Bank America and many other banks use Zelle.

Send money using an email address or mobile number

You can securely send money to almost anyone using only their email address or mobile number. You don't need the recipient's account number or bank routing number to send money. Your email address or mobile number can also be used to receive money in an eligible Bank of America checking, money market savings, traditional savings or SafeBalance Banking account.
To get started, you'll need to complete a one-time enrollment process in Online Banking or the Mobile Banking App. Once you’re enrolled, you can transfer money from your personal checking, savings or SafeBalance Banking account using an email address or mobile number to a recipient with an account at any U.S. bank. Recipients will receive a notification when money has been sent. If they have previously enrolled, the money will be deposited right into their account. If not, they will need to complete a one-time enrollment process with their bank or with ZelleSM to receive their funds. ZelleSM is a company that allows bank customers to send person-to-person (P2P) payments easily and securely. If the recipient does not enroll within 14 days, the transaction will be canceled and you will be notified.
Sending money: Once you have enrolled within Online Banking or are using the Mobile Banking App, you can add recipients with accounts at Bank of America or any other U.S. bank using their email address or mobile number.
If you have a Bank of America checking or savings account, you can send up to $2,500 per day and up to $20,000 during an 30-day period. If you are a U.S. Trust or Merrill Lynch Wealth Management client you may have higher limits for this type of transfer. Please contact your advisor for more information on your limits.

Similarly they can send money using account numbers

Send money using an account number

Send money to almost anyone in the U.S. from your eligible personal checking, savings, money market, SafeBalance Banking or your line of credit account to their account using an account number. Money sent to other Bank of America customers using an account number is immediate and you can send up to $1,000 during any 24-hour period or $2,500 within a rolling 7-day period (limits may be higher for Small Business, Private or Wealth Management Banking customers). You can also use an account number to transfer money to accounts of others at other U.S. banks. Transfer limits vary and are available in 3 delivery speeds: same business day using a wire, next business day or 3 business days, all for a fee.
Higher dollar transfers to other banks may require enrollment in SafePass. Please see your Online Banking Service Agreement for additional information/I]

The problem with those using checks sent by their bank is their bank doesn't have your information. You can contact their bank and give your information to them so they can send to you electronically. Basically set yourself up as a vendor with the bank.

Now, another way of accomplishing this is for you to bill electronically in a way that allows them to pay you by an electronic check or credit card. Intuit is one choice. Paysimple, bill.com, paystand, firstdata, forte are just a few that allow that.

Gmarr · Dec 9, 2017

Have them pay you by PayPal- you can even set up links for them to do so. Yes it costs you but if it’s the method you prefer- add the fees to your selling prices and don’t tack it on as a penalty/convenience fee or they will send a check still

HeadMistress · Dec 9, 2017

The vendors I have trouble with are using the same bill pay online services that I do, and if one is not set up as a EFT vendor in the banks system a paper check goes out. Those vendors are big companies, utility, banking, etc.

I seriously doubt if any of those companies would agree to start receiving or sending payments via zelle, paypal or any other system that's intended for personal, not business, banking.

john61ct · Dec 9, 2017

Yes pretty silly to think the payee gets to dictate anything.

It's "thank you very much for your business" and a tug of the forelock

BandB · Dec 9, 2017

Don't know the nature of the vendors he's talking about. I was guessing small like tenants, but could be totally wrong. Most companies paying large bills would not be using banks bill pay functions and that's where he said the checks were coming from.

john61ct · Dec 9, 2017

Maybe I misunderstood

Seevee said:
Those vendors are big companies, utility, banking, etc.

Seevee said:
the guy that send me a lot of checks is a big operator and I'm sure he wants to keep all of his bill paying consistent, so I'll have to do something on my end to receive the check.

BandB · Dec 9, 2017

john61ct said:
Maybe I misunderstood

No, perhaps I did.

Seevee · Dec 9, 2017

Thx for all the good idea....

My vendors are people like us, not big businesses. Investors, trusts, and entities that handle the properties that I buy. They handle the day to day stuff that I don't want to and send me the rent checks. They use banking on line like most of us do. And the banks they use may or may not set me up as a payee so I can get the money electronically. Will look into that.

And, no, I'm not going to ask them to change their banking ways, as I don't change for my creditors. Would be an absolute PITA.

But I need to make a few phone calls, as getting a paper check is really a pain. I just got some that are 3 months old already.

PayPal.... NO WAY. There are folks that love them, and ones that hate them. I'm a hater. Lousy business, cheat people, have access to your accounts, spam you with emails and are tied up in court with thousands of folks, if not millions. Want NO part of those bastards. I'm still trying to get them to quit spamming me and you just can't talk to them or email them or get them to respond at all. F em.

But getting a few good ideas here, thanks!

Cashing checks received electronically

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