Echeck For Wholesalers. Sell In large Volume By Using Echeck.
Many merchants that are doing business in bulk or you can say that are wholesalers, mostly get rejected by Credit card processing companies because of bad credit score or might be they are high-risk merchants. These merchants can use Echeck payment solution for their businesses. So if you are a high merchant, then you don’t have to worry. Quadrapay works with multiple third-party echeck payment processing companies that are happy to onboard high-risk merchants. Mostly online purchases are made with the help of credit cards and echecks. In this detailed article, we would get to know a lot about echeck merchant services for wholesalers. If you are doing business in the US, both customers and the merchant can use an echeck payment solution for payment purpose. To accept eChecks on your online store, then you’ll need to connect with an eCheck-processing payment gateway. Any US-based bank account which is ACH enabled can be used to debit payment electronically. With the help of echeck, electronic transactions have become much more comfortable, faster and secured too.
Quadrapay Offers Best Echeck For Large And Small Wholesalers
If you are looking for echeck processing, then you are landed on the right page. Quadrapay works with many Echeck payment processing companies who are happy to onboard low risk as well as high-risk merchants too. Our team at Quadrapay will be glad to help you and will provide you with the best solution for your problem. You can directly contact us at [email protected]. Moreover, Quadrapay has excellent relations with third party Ach payment processor companies who will be glad to onboard your application.
Benefits with Quadrapay:
There are numerous benefits of working with Quadrapay.
- The merchant can get full support regarding the merchant account application process.
- The merchant can get more than one solution for payment processing.
- Payment Gateway integration assistance.
- Fast Approval of Merchant Account and Payment Gateway.
- No Setup fee in establishing a merchant account.
- Reasonable payment processing fees.
- All Processors that Quadrapay works with are fully PCI DSS Compliant.
Wholesalers Echeck: An Overview
Echeck is an electronic form of a paper check widely used for payment transfer in the US. Instead of manually filling a paper check now people can use echeck for payments as it saves both times as well as paper too. Echeck payments can be processed through Automated Clearing Houses (ACHs), quickly and efficiently. It is more secure and fast. Transaction fees for eChecks are lower as compared with costs for credit & debit cards that make it cost-effective. Echecks are great for making online payments recurring payments. Electronic Check is a type of electronic funds transfer that uses the Automated Clearing House (ACH) network to process the payment. Funds are electronically transferred without any manual intervention, which makes it secured, and frauds are reduced too.
How Echeck Works For Wholesalers?
Echecks works quite similarly as a paper check. There is nothing tricky in how electronic checks work. The echeck eliminated delay in writing a check paper. Using echeck merchants can easily transfer funds electronically from a customers account into their bank accounts using Ach network services. Echeck processing generally consists of authorisation & authentication of both merchant and the customer after that both set up a payment path and sign an agreement. Then they finalise and submit the information. The last one is payment confirmation and depositing of funds. With the help of these easy steps, echeck works.
Modes of payment
There are two ways in the payment system that people used for making payments. First is offline and the other one is online payment.
- Offline payments: Payments that are done using credit and debit cards or either by cash at stores or any other place comes under offline payments. Credit and debit cards have a high transaction fee as compared to checks. Payments done through checks/dd’s are considered as offline payment. Moreover, the check process is time-consuming and a long process too.
- Online payments: Many payment options come under online payments like :
- Echeck/Ach payments: Payments that are made through Echecks are online payments. A person can also accept echeck over the phone using a virtual terminal. Echeck takes around 1-2 business days for completing a request. Echeck is secured as it does not involve any manual work. Echeck is usually done from the checking account, but it should be ACH enabled. Just like credit cards, all the information is entered in a secure environment and encrypted when submitted. Echeck can be used for any point of sale and business.
- Credit card: Online payments are also made through credit cards. Credit cards are a widely used and easy way of making payments. The person has to enter the necessary card details and pin code for creating a successful transaction.
Essential Information That Is Required To Accept Echeck
To pay and receive payments from echecks, the person should have the following personal and account necessary information details:
- Account Number: Bank Account number, Unique account identifier
- Account Holder Information: Name of account holder, address, city, state, zip, and country
- Type of Account: Corporate, personal or savings
- American Banking Association Number: Bank routing number