Omni Channel Echeck Payment Processing

The eCheck services are a mode of online payment method. The payment is transferred over the ACH network electronically, carried out from the payer’s bank account, and 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.

Echeck payment processing offers various benefits. One of the critical benefits for the buyers and merchants is the 60-day dispute window. With echeck payment processing, disagreements can occur within 60 days. The 60 days time frame starts when the account holder(customer/buyer) receives the bank statement. For a deeper understanding, we suggest you read Nacha and Consumer Financial Protection Bureau websites.

There a four ways of making an echeck transaction.

• The customer makes payment online by visiting the merchant’s website and filling in details on the checkout page.
• The customer can also fill in the payment link that the merchant sends via email.
• 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, and 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 or merchants phone number, the recipient may ask you for your nine-digit bank account and routing number. These details are entered and 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’s bank account.

Yes! With the help of echeck payment processing, a customer can take advantage of recurring billing facilities to streamline the transaction amount for a fixed period of tenure.

The beauty of echeck payments is that it allows the merchant to accept lump-sum and recurring payments. The recurring business model is very much attractive to customers. It also ensures the merchant receives payments on time. A merchant can accept recurring payments by key-in the customer’s details into the virtual terminal. It can also be done through an email invoice or through a website where the customer fills in the details and opts for recurring billing.

A Canadian 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 physical 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 confirms 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.

Vitamins are essential for growth. They also play crucial roles in body functions such as metabolism, immunity, and digestion. After a specific age interval, people tend to lose vitamins in their bodies. To overcome the deficiency of vitamins, many vitamin pills are introduced in the market. These pills can quickly cure vitamin deficiency. To sell these vitamin tablets online, the merchant should have a licensed website and a gateway to accept payments from customers. If you are a merchant selling vitamins tablets in the US, Echeck is the best solution for receiving payments from customers. Echeck has a meager transaction fee than other payment options like credit card processing. Getting an echeck solution is more manageable than getting a nutraceuticals merchant account. Please keep in mind that the product sold should be legal to sell online.

The majority of echeck processing companies reject all high-risk merchants outright.

Travel comes under the category of a dynamic business. In most cases, it is seen that a travel agent receives payment as a third party. A travel agency may charge a customer for a vacation package, hotel stay, cruise, airline ticket, etc. Merchant is liable for a chargeback if there is any change in such tickets, which is sometimes uncontrollable. In this scenario, echecks prove the best option for accepting payments.

Echeck may not be the best mode for selling air tickets but can be a perfect option to sell travel packages. Echeck digitizes what would generally be regular paper check payment, allowing the merchant to receive and enter the payment via computer or a phone. The process is straightforward: Notify your clients/customers how their check will be processed, enter the transaction with the help of your phone or computer, the transaction is then processed via the ACH network, and the received funds will be reflected into your business account with next day funding.

• Easy to set up. It is straightforward to set up an echeck gateway for payment processing. Most of the time, merchants get an echeck gateway within two working days.
• Save the time of the Merchant and the Buyer. With electronic checks, customers and sellers save a lot of time. They do not travel to banks to deposit physical paper checks. The digital copy of the check reaches the processing network in a flash of a second.
• Online check verification reduces the percentage of bad checks. There is no way to confirm the fund availability in a paper check apart from hitting it to the bank teller. With modern electronic check payment gateways, merchants can verify the fund’s availability before depositing the transaction. It helps businesses in reducing the percentage of bad checks.