You know what’s surprising? The fact that paper checks are still so commonplace. Today, according to the Remittance Coalition’s B2B Directory Concept Paper, businesses annually make 10 to 15 billion payments by paper check.

In a world where you can get a jar of peanut butter delivered in a few hours, businesses are still using checks to do a significant number of payments.

The hard costs of checks:

THIS INFORMATION IS BASED ON INDUSTRY DATA ORIGINALLY SURVEYED IN 2014
  • Time: The average businessperson reports spending approximately 5 hours a month writing or worrying about checks, or 60 hours a year.
  • Supplies: Half of small businesses spend up $25 on check materials.
  • Invoice Cycle: The invoice cycle takes approximately 17.9 days to complete when using paper checks.
  • The Cost: It costs $7.15 to process each paper check.

A smart replacement for checks is going electronic with the Automated Clearing House (ACH) network. With ACH, you’re still paying from your bank account, just online. You can think of ACH as the network connecting banks and credit unions in the United States, and Dwolla has an easy onramp to this network.

Replace checks, and tap Dwolla’s API for bank transfers. If you’re paying thousands of vendors, we have a tool for that. If you’re looking to build a platform that taps ACH payments, we have examples for that too.

Reliable Account Verification Methods

Bank account verification is a necessary part of the ACH transaction process that ensures funds are coming from and going to legitimate bank accounts. Also known as funding source verification, this confirms the account being attached is a valid bank account.

As more businesses replace checks with electronic ACH payments, having a reliable bank account verification method ensures a pleasant user experience for both sides of the ACH transaction. When integrating Dwolla’s programmable payment platform, a business has several options for bank account verification.

Dwolla.js is a client-side Javascript library featuring a seamless Instant Account Verification (IAV) option for users to add and verify their funding source. A business can add this library to their application using only a few lines of code.

In addition to instant account verification, Dwolla.js offers two other bank account verification methods that keep sensitive financial information stored with Dwolla.

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