Are You Looking For The Best Echeck Service?
Many of our merchants like to use echeck payment for their business. However, to save money and time, the latest technologies are used to process paper checks into an electronic check. Echeck goes through The automated clearing house (ACH). It is the best way to secure, fast, and efficient transaction and it is another way of online payment. The main reason for using echeck widely is that the merchants will save on processing fees. Accepting debit and credit card payments will cost a higher transaction fee as compared to echeck payments. That is the main reason for the demand for echeck service. Due to this reason, many merchants accept echecks online and over the phone. In this detailed article you will know about the features of best echeck service providers.
Some Features Of Best Echeck Service Are:
- Easy Application Process
- Faster Onboarding
- Easy Integration
- Low Rates
- Nill or Low Rolling Reserve
- Account Number Validation
- Routing Number Validation
- Internet Balance Validation
- Reoccurring Payments
- Virtual Terminal And API
- High Risk Merchants Accepted
How Best Echeck Processing Companies Serve Merchants:
Many payment processing companies offer echeck services widely. It is essential for a company to deliver its service on time. In this paragraph, we will discuss the working process of echeck services. The most important thing a businessperson should know is that for using merchant services, they should have a merchant account for their business. To get approval for an echeck service account includes KYC verification. It is not quite challenging to get approved. Some factors affect the approval process.
Echeck Service Approval Factors Include:
- Bad credit score.
- Incomplete website.
- Copied content on the site.
- Meager traffic on the website.
- High ticket size and item.
- Cross border transaction.
- Negative reviews about the merchant.
- High chargeback to sales ratio
- Recurring/Trial Billing.
Lets Look At How Echeck Processing Works
- The online check writer will write a check using an electronic form that will convert it into an electronic check. After that, echeck will be given to a payee electronically.
- A payee will deposit the echeck and receives credit. The bank of a payee will clear the check to the paying bank.
- After validating the echeck, the fund will be debited from payer’s bank account and credited to the payee account.
The Process Included Behind Echeck Transaction:
There are four significant steps behind the echeck transaction. There is no need to fill the form for paper checks. Moreover, you don’t have to wait manually to receive the money. Removing this whole process of a paper check will save both time and money. Echecks can also be used for recurring payments.
- The payee must be authorised for the check processing. Authorization process can be done via phone, signed order form, online payment form, etc.
- When the authorization process is done, the payee will submit the payment information into an online payment processing service. Usually, this process is handled by the payment gateway.
- The details provided by the payee is forwarded to the ACH network by the payment processor.
- The fund will automatically be debited from the payer’s account. After that, the payment gateway will send the transaction receipt to the payee. Usually, the payment is credited to the payee’s bank account within 3-5 business days.
Benefits Of Using The Best Echeck Services:
- Ability to conduct a payment process that is secure over the internet.
- Reduce fraud.
- Automated verification of Account Number and Routing Number.
- Additional features like easy reconciliation and stop payments.
- Transaction fee lesser than other methods of online payment.
- It can be used with an existing checking account as well.
Advantages Of Echecks Over Other Payment Methods:
- Easily understandable by bank customers.
- Can be used easily by customers.
- Offered by many payment gateways.
- Lower transaction fees.
- Backed By Banking Regulations.
Security Provided By Best Echeck Services:
- Digital signatures.
- Detect duplication.
We are here to offer the best echeck services. We also help merchants to accept payments by debit and credit cards. Our team will assist you. Our service will help your business to grow with simplicity. If you want to apply for echeck services, please mail us on [email protected]. You can also fill the application form provided on our home page.