If you're looking for a quick and efficient way to have checks deposited to your account, e-commerce business sites are the way to go. There are a few options online, but the most well-known is PayPal, which is owned by eBay. It is a secure alternative to checks and money orders because you only have to share your personal information with PayPal, with no third parties.
Go to PayPal.com and click "Request Money" under the column that says "Get Paid." To sign up for an account, you'll have to enter your personal information, like your e-mail, home address and phone number.
Choose the "Bank Account" option. You will need to know your checking account information, including your bank's contact information, your account and routing number.
Verify your e-mail address. Once you're done setting up, PayPal sends you an e-mail, where you can click on the link to confirm that you signed up with a legitimate e-mail address.
Study PayPal's features. To request money from someone, enter the recipient's e-mail address and the amount of money you expect to receive. PayPal then sends that person an e-mail with a link that directs them to the appropriate site to send your money.
Request a payment. Customers may pay with an existing PayPal balance, credit card or eCheck. When a customer pays with an eCheck, this means they are paying with funds from their bank account with no back-up method of payment. When you receive an eCheck, the payment will register as "pending" until it clears the bank. You will not see that money in your account until the payment has actually cleared and should not send merchandise (if applicable) until the money appears in your account.
Depending on the location of the customer, Paypal estimates clearing time from between four business days for U.S. customers to up to nine working days for customers in Europe.
Transfer the eCheck payment into your bank account. Once the funds from the eCheck are in your PayPal account, you have several options--keep the money there to use to fund your own purchases, withdraw using a PayPal debit card if you have one, or transfer to your bank account. To transfer fund, click "Withdraw", then "Transfer to Bank Account". Your funds will appear in your bank account in approximately 3 business days.
There are two kinds of accounts: personal or business. If you receive more than $500 a month, PayPal automatically classifies this as a business account and takes a percentage from your earnings. Paypal does not charge a fee on eCheck payment received as personal payments.
There have been several complaints and reports of PayPal freezing, being slow to attend to customers and even losing customers' money. Be vigilant about monitoring your balance and be sure to change your password regularly.