Echeck System: Easy Funds Transfer Facility!
An Electronic Check System that is also termed to be an “echeck system“. It is an automated method of transferring the funds with the help of the ACH network to the payee’s checking bank account. That’s why if you are looking for an alternative method to transfer the funds rather than debit cards and credit cards, this is the best one for your business. Quadrapay is one of the best merchant account specialists and payment processing service providers. Now you can also take advantage of the benefits provided by the echeck system and boost up your business sales.
What Are The Benefits Of Echeck System?
A business merchant can take advantage of several benefits by accepting payment for the business with the help of an e-check system. It gets processed faster as well the merchant does not need to pay high processing fees included per transaction as in the credit card processing payments. Thus a small business merchant can save a lot by paying affordable processing charges for the business transactions.
How To Transfer Payments Through The Echeck System?
To transfer the funds with the help of the e-check system, the person to whom you are transferring the funds needs to accept payments through echeck services. To receive the funds for your business, you need to have an echeck merchant account to process all the echeck payments successfully.
There are two ways by which a merchant can accept payments through the e-check system.
- By originating an IVR service with the customer, this requires having some vital information ready like a nine-digit routing number and bank account details. These details need to be entered along with the transaction amount in the terminal. This information will be further processed over the ACH network to the customer’s bank account.
- By using the online method. In this, the customer needs to fill the form with all the necessary details like bank account details and nine-digit routing number. The customer submits the form, and further, it gets processed with the processor for payment settlement.
Frequently Asked Questions On Echeck System
Q. What Is the Duration For A E-check Payment Settlement?
Ans. The echeck system payment clearance can vary among different providers. Usually, the transaction gets processed within 48 to 72 hours of payment.
Q. How Much Transaction Fee Is Applicable For E-check System?
Ans. The processing charges associated with the echeck system varies among different merchant providers. Typically the transaction fees can range from 0.30 dollar up to 1.50 dollars as per the type of transaction. These charges may be different for a high-risk merchant account holder.
Q. Is Recurring Billing Possible With An E-check System?
Ans. Yes! With the help of echeck payment processing, a customer can take advantage of recurring billing facilities to seamline the transaction amount for a fixed period of tenure.
Q. What Is The Procedure Required To Get The E-check System Solution?
Ans. In order to get the electronic check aka echeck system solution for your business, a merchant needs to provide some vital details of their business. The business owner needs to fill the merchant application form with all the necessary information. Along with the form, it is also essential to submit some documents as mentioned in the form. After receiving all the set of documents, your application will be further verified under the payment processor. It might take up to 72 hours to get it approved one all the verification procedure is completed.
You can discuss your queries on the echeck system at [email protected].