Digital Payment Solutions and Your Small Business| Wells Fargo

Many business owners like getting checks because they’re familiar and can help with tracking finances. In fact, 63% still accept them.¹ But for owners looking for speed and convenience, there’s no beating digital payments. Let’s follow a check and a digital payment through the clearing process to see why you should consider making the shift.

	Check payment process	Digital payment process
1	Your customer pays you by writing a check and delivering it in person or by sending it through the mail. First-class mail may take several days.	Your customer makes a purchase or settles an invoice using a digital form of payment. No waiting around for the postal carrier.
2	Traditionally, you may deposit the check in person at a Wells Fargo bank or ATM. You’ll need to take time away from your business to visit a branch or ATM.	The payment information is encrypted, and the transaction is submitted for processing. No need to take time away from your business to drive to the bank.
3	We credit the deposit to your account on that same business day if the deposit is made before the displayed cut-off time at the branch or ATM. In some cases, a deposit hold can be put on your check for up to 7 business days, delaying availability of funds. You also run the risk of non-sufficent funds with checks, which could cost you time away from running your business.	Your customer’s bank verifies available funds, which helps eliminate the risk of a bounced check, and your account is credited within minutes. Your customers like digital payments. 78% of consumers rank them as their #1 preferred payment option.²
	When is the money in your account?
	Up to 2 weeks	Typically within minutes