Electronic Cheques are a system that transfers money electronically from the buyer’s current account to the seller’s bank account. E-cheque services are provided by high street banks such as HSBC and Santander. One benefit is that it allows instant payment. With electronic checks, customers can receive instant acknowledgement of their payments. It also increases efficiency, lower costs and environmental benefits. Processing payments online removes the need for stamps and envelopes, which saves time, money and reduces the amount of paper used which benefits the environment. Businesses who employ electronic cheques spend less money in processing fees which lets the business put more money on other important operations. A disadvantage of using electronic cheques means there is not “float” time. This is the time before the money is debited. Money is instant through electronic cheques which means the customer doesn’t have any time to get funds in their bank account. Due to insufficient funds in an account e-cheques are usually “bounced”. This causes delays in payment which then delays the time the product is provided by the business. As computers process the electronic cheques. Hackers can gain access to your banking information. Some fraudulent businesses also offer electronic banking which also means they can gain baking information. Although businesses who use e-cheques spend less money, a disadvantage is that if an e-cheque is “Bounced” it also costs the business lots of money in processing and checking fraud. The business pay want the customer to pay for these extra costs.