What Are The eCheck Services?
The eCheck services are a mode of online payment method where the payment is transferred over the ACH network electronically that is carried out from the payer’s bank account and gets deposited into the receiver’s bank account. A company can retrieve payments for an outstanding or offered service straight from their client’s bank account with the help of ACH merchant accounts provided by Quadrapay. The echeck transaction needs to be approved by the client either by admiration of a website’s Terms and Conditions or any such contract.
How Does eCheck Processing Works?
Electronic checks processing is similar to ordinary paper checks transaction processing. The main difference is that alternatively of being a client manually writing out a paper check and then posting it to the receiving company who needs to pay, the same process is done in a very faster alternative way.
Nowadays, the upgraded technology enables the process payments to happen in a digital manner that saves both times and reduces the paper waste as well.
Steps That Are Needed To Do An Electronic Check Processing:
- Request for Permission: To perform a transaction, a business firm needs to obtain a permit through the IVR conversation or an online form from the client.
- Setting up a Transaction: Upon successful verification of the account, the information related to the transaction are provided into the online payments application. And for any recurring transactions, it includes the recurring schedule and other necessary details also.
- Conclude and Submit: Once all the information and essential features of payment are registered into the application, the business saves it, and after that starts the ach payment process.
- Confirmation of payment: The transaction is automatically initiated, and payments are carried out from the client’s bank account, the online application transfers a transaction slip to the client, and all the amount itself gets transferred into the receiver’s account in the bank. It hardly takes three to five business days from the date of the completed transaction to be reflected into the merchant’s bank account.
What Are The Different Types Of Payments eChecks Services Offers
Because retailers pay smaller transaction fees for the process of electronic check payments than they do for credit card processing payment.
It is feasible to receive eCheck transaction payments for high price payments such as a mortgage, automobile payments, rent and costly regular fees such as educational institutes and gym memberships.
How To Transfer Electronic Check Payments?
To transfer electronic check payments, the person to who you are transacting the amount requires to accept echecks services. And it requires a merchant account to receive the fund in the bank accounts through a network of ach which provides all the merchant accounts to accept electronic check transfer payments.
Two methods that can be used to send an eCheck payment in united states:
- The recipient posts you an electronic payment request form where you have to fill in your bank account number and the nine-digit routing number, as well as the amount of transaction that needs to be made. And then you give authorization to the payee to retrieve the transaction money from your bank account by submitting all the details correctly.
- By originating a call to the IVR service, the recipient may ask you for your bank account and routing number of nine-digit. These details are entered, as well as the transaction amount into the online terminal for payment. Upon accepting the process approval, the amount will be deducted from the sender’s bank account and deposited into the recipient bank account.
How Much Transaction Fees Apply To eCheck Services?
The eCheck services merchant account provider charges different fees to proceed an eCheck. The typical transaction fees range from $0.30 to $1.50 as per the type of transaction. Some electronic check processing firms charge a lower monthly charge but more costly per-transaction fees, while some others charge lower per-transaction fees but a high monthly applicable fee.
Process For eCheck Services Clearance?
The eCheck services clearance ranges somewhat among different providers. Usually, transactions are validated within 24 to 48 hours of the successful payment being inducted. The payee must have that required balance available in their bank account so that the transaction can be approved within three to five working days, and the payments are moved from the sender account to the receiving account.