An eCheck is a digital version of a paper check and is known as an electronic check. It is a next-generation payment technology that facilitates seamless transactions. With an eCheck, money is electronically withdrawn from the payer’s checking account and gets transferred to the ACH network and deposited into the payee’s checking account.
It is a more secure, fast, and reliable alternative for merchants to accept payments as it completely vanishes the time of debit and credit.
How does eCheck work?
eCheck works like traditional paper checks only, but it completely vanishes the manual steps. Instead of a customer manually filling out a paper check and providing it to the merchant, eChecks allows them to pay instantly. It saves both time and paper.
Steps involved in eCheck process-
1. Request Authorization- The business requires authorization from the customer before proceeding with the transaction. It is facilitated through an online form.
2. Payment Set-up- Once the authorization is done, the business inputs the payment information into the online payment processing software. In the case of recurring payments, it includes the details of the recurring schedule.
3. Finalize and Submit- Once the information is inserted into the payment software, the business clicks “Save” or “Submit” to start the ACH transaction process.
4. Fund Deposited- The payment gets automatically withdrawn from the customer’s bank account, and online software sends a payment receipt to the customer. the payment gets deposited into the business’s bank account within 4-5 business days.
What are the advantages of eCheck?
1. It is faster- eCheck is a faster, easily accessible, and better alternative to paper checks. Traditional paper checks can take up to 4-5 days to complete processing, whereas eChecks gives you power/control to pay or accept payments within 4-5 seconds. Also, it completely vanishes the manual steps and completes the process online.
2. It saves your money- While using the traditional paper checks, you have to pay an extra amount for the paper check, envelop, stamp, and time involved in preparing the check. Whereas, an eCheck cost is the same as a stamp cost but still works like a check. An eCheck saves you $1 per check.
3. It is more secure and Safe- eChecks end third-person involvement and reduce the risks of fraud.
4. Compatible with your current accounting software- eChecks are easily accessible with most of the accounting software. Any transaction from your accounting software can be pushed into the eChecks system without any double entry.
5. Payment is possible from anywhere and anytime- An eCheck can be sent from any device instantly irrespective of the location.
We hope that our information is helpful to you; stay connected with us for more.
This article originally appeared here: https://paycronn.blogspot.com/2021/03/echeck-is-digital-version-of-paper.html
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eCheck often called electronic check.
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Send checks via email and let them print and deposit as a regular check.
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Isn’t it not true that most people do anticipate that the usage of physical transactions will be obsolete in the coming days?
After all, digitalization has taken every business segment and it has urged some of the customers to slow down their payments through physical transactions.
A promising quality related to eChecks is that they have speed up the payment delivery and offered consumers a break from the hustle and bustle of the paper-work too.
If you are wondering whether the process of online payments is seamlessly possible as many technical experts suggest.
Owing to its electronic format, it enables easy, fast, and more secure transactions in comparison to the dead tree version.
It saves not only paperwork but time too.
The ACH or Automated Clearing House is a network that connects all banking and financial institutes in the United States.
And an eCHECK is an abbreviation of “Electronic Check”, which is a type of electronic money transfer which relies on the ACH network to process payments.
Read more about what is the difference between echeck and ach.
Thus, eChecks offer speedy pay-out to merchants without a hindrance while you connect with the expert team for solutions.What is an eCheckProcessing?
Electronic checks or eCheck Processing are broadly used to define a payment that is electronically deducted from a bank account.
The eCheck clearing process differs slightly among providers.
The payer must have the money available in their checking account, the payment is cleared within three to five commercial days and the funds are transferred from the payer’s account to the merchant’s account.eCheck Merchant Accounts for High-Risk Industries With eCheck Merchant Accounts, high-risk firms bank to bank image transfer tools.
The end to end electronic check processing mechanizes pay-outs and rationalizes business operations.
The eCheck processor undertakes the accountability for chargebacks & incomes.
The eCheck Payment Gateway offers a reliable way-out to merchants.
You can look for awesome business without a hassle without any bother and get enormous profits.
