An electronic cheque, also called an e-cheque, is a cheque created and submitted over the internet. If your business has an online point of sale system or e-commerce portal that accepts e-cheques, your clients simply need to enter their bank account and transit numbers, as well as the amount they want to pay. Then, this information is sent to your bank, just as if you had brought a paper cheque in for deposit. Your bank contacts the cheque writer’s banks, and the funds are transferred from their account to yours. The process is similar to writing and cashing a paper cheque, but most of it happens online.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.