Are You Looking For An Echeck Canada Solution? No Matter Where You Are, We Have Echeck Processor Who Helps You
Are you also a merchant who wants to accept echeck payments in Canada, USA or no matter where you are. Offer your customer with seamless payment options to pay you. With the increase in online payment solutions, there come many alternative payment methods that a merchant can use to accept payments from the customers. One such alternative solution is eCheck. eChecks have become a very popular means of payment mode. With the increase in demand for eCheck Canada or echeck USA solution, we have partnered with processors from Canada, USA, European Union and other global partners to help businesses with what merchant service they require.
Stay tuned with us to know all about echecks and how it can help you to thrive your business.
What Is An eCheck?
An echeck abbreviated as the Electronic Check is a digital form of a physical check. Unlike regular physical checks, echecks are online means of payment where funds are transferred from one bank account to another bank account electronically. It is also considered as a type of Electronic Fund Transfer, where the payment is withdrawn electronically from the payer’s (customer) bank account to the payee’s bank account(Merchant). The echecks are processed and transferred through the ACH (Automated clearing house) network.
To accept echeck payments from your customers you need to ask the following information from your customer or payer.
- Payer’s Routing Number.
- Payer’s Account Number.
- Payer’s Name as on the Bank Account.
What Are The Benefits Of Using eCheck Canada?
- Cost Efficient: Electronic checks are more cost-efficient for the customers as compared to regular physical checks because a physical check requires an envelope and stamp and even mailing cost and it takes a lot of time and effort. For a merchant, it is also cost-efficient to accept echeck as the means of payment as compared to credit card payments. Echecks are far cheaper than credit card processing; however, it takes 3-5 business days to settle down the funds to the merchant bank account.
- Fast And Convenient: They are typically fast and convenient as compared to paper checks. With echecks, you just need to enter the details into your terminal or accounting software to get process the transaction. Once the detail is sent off from your computer, you are done. You just have to wait for 3-5 business days to get your payment settled.
- Subscription/Recurring Business: It is useful for the businesses who generally charge the customers on a recurring basis or who offer a subscription for their services such as gym membership, monthly magazine subscription or IPTV services.
- No Credit/debit Card Required: To pay via echeck, customers do not require any card. All they have to have is a bank account number and routing number. In today’s time, it is obvious that everyone has a paying card with them, but what if they don’t have any cards or their cards might be expired? eCheck payments are the best alternative for those who didn’t have the cards with them. By offering customers with alternative ways to accept payment, it helps to increase business revenue.
Is It Safe To Use eCheck Over The Phone And How Authorization Takes Place?
Merchants can accept echeck payments over the phone. The merchants collect the bank details from the customer over the phone and manually key-in the details to the terminal.eCheck over the phone is the same as ACH debit. The customers give the authorization to a merchant to pull the funds from its account over the phone. Then a question comes that how a customer authorizes the transaction to take place? A recorded phone conversation will act as a source of authorization to process the echeck payments. To process the echeck payments, make sure that your virtual terminal is echeck friendly and can accept echecks.
How Quickly Can A Merchant Accept Echeck Payment In Canada?
A merchant can accept echeck within seconds. Yes! You heard it right. To accept an eCheck, it just takes a few seconds as you are receiving an echeck over the phone or mail, unlike physicals checks which usually take 3-5 days to arrive at your destination via traditional mail or post. But after receiving the echecks, you have to initiate the transaction to process the echecks and settle it. After the echeck is being initiated, it takes 1-2 business days to verify the echeck. It verifies whether the payer of the check has a sufficient amount of funds in a bank account to process the settlement. After the verification of the echeck, it proceeds for settlement. The whole process takes 3-5 business days.
How Secure And Safe An eCheck Is?
Echecks are safe to use. With the increase in online payment systems, data security has greatly improved. The transactional information is end-to-end encrypted and strictly compliant with the processing rules and regulations. Customers are protected by Regulation E (Reg. E), according to which if a customer found any fraudulent transaction has been made, he has the right to raise the disputes within 60 days of the transaction being made.
How Are eChecks Different From Those Of Credit Card Processing?
Though both are the means of digital payment methods, however, they are different in the way they get processed and so the difference in the processing rate. The eChecks are processed through the ACH network under NACHA rules and regulations, whereas credit card processing takes place through the card networks. Since it is processed through the card network, it involves card interchange fees, but echecks doesn’t involve any interchange fees. It usually gets processed with flat fees which are very lower as compared to that of credit card processing rates.
How To Void Or Refund An eCheck?
To void an echeck. It depends upon the current day and time and whether you have processed it or not? An echeck can only be void before you send it for processing. If you have already sent it for processing, you can’t void it. The option left for you is to initiate a refund. Echeck payment window closes at 5 pm EST. It means you can void a transaction before 5 pm or else you have to wait for the transaction to get settled down and that you can initiate a refund request. Sometimes you can only see the options of void or refund until they are available. If the options are not visible, it means you can no longer void or refund the transaction.
What Is EFT? How ACH And Echecks Are Comparable With eCheck?
EFT abbreviated as Electronic Fund Transfer. It is an electronic transfer of money from one bank account to another bank account. Eft is a broad term which encompasses many types of electronic payments transfer such as eCheck, ACH, Wire transfer, direct deposit, local bank transfer or e-wallets transfer or peer to peer transfer of money. If it encompasses the three terms in a single sentence, it can be as an eCheck is a type of EFT which gets processed through ACH network. It can also be said as all the echecks and ach are types of electronic fund transfer, but not all the electronic payments are ACH and eCheck.
If you are a merchant and willing to accept echeck payments from your customer, apply today to get echeck payment services from our echeck processor from Canada, USA, EU or other global nations. No matter where you are, you will get one of the best merchant services with Quadrapay.
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