What is an Echeck Payment Processing?

An Echeck is an electronic version of a paper check that can be providing different types of payment processing times and less waste. With an Echeck, money has electronically transferred from the payers’ bank account and directly deposited to the sellers’ account. So, after passing through the Echeck ACH payment network.

Using the information found on a paper check. Electronic check processing also means you’ll convert a paper check received from a customer into an electronic transfer.

Electronic checks combine the safety, speed, and processing efficiency of all electronic transactions with the infrastructure and processes related to paper checks. Also, Echecks are faster and less expensive thanks to getting your money.

  • An Echeck is also called an electronic check. Direct debit, ACH payment, or ACH transfer
  • It is the means by which you’ll take the knowledge contained on a paper check and process the payment electronically using the Echeck ACH payment Processing network.

How does an Echeck work?

In a few ways, electronic check processing is much like paper check handling. Albeit faster and more efficient.

Processing an Echeck normally takes place within the following steps.

  • The purchase is authorized

To approve the purchase. The client can either fill out an online form or communicate with the merchant directly through a recorded phone call. Only after authorization can the trader pass the check information to the payment processor.

  • Payment has finalized

The payment processor oversees the direct withdrawal of the funds specified by the check from the customer’s bank account, and prints out a receipt.

  • Funds are deposit into the merchant’s bank account

It takes two to three days after initiating the transaction for the check to clear and the money to be deposit into the merchant’s account.

How to get an eCheck merchant account?

If your enterprise already accepts credit playing cards. Your modern service provider account provider might be willing to include ACH processing into your already current system. Companies including Echeck ACH offer both playing cards and Echeck payment online offerings to online businesses.

Once you’ve identified a processing account that concurs along with your needs. It is time to fill out the application. The facts required will consist of your estimated processing volumes. In addition to the years. Your business has been in operation. Hence, the application procedure is normally rapid and easy, and approval typically takes some days.

Let us help you get an Echeck merchant account today!