Omni Channel Echeck Payment Processing

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echeck payment processing
high risk echeck processing

Ecommerce Credit Card Processing

Ecommerce secure payment processing with ready to use CMS plugins

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Feature rich and cost effective Retail Credit Card Processing POS solutions

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In Merchant Services Since 2016 2016 2016

Table of Contents

QuadraPay Offers Super Amazing eCheck Payment Processing With Recurring Billing.

Start accepting echeck transactions on websites, Phone, and Email. The solution is perfect for small and large merchants. It can be an excellent replacement for paper checks as it reduces time and speeds up the fund movement. We are comfortable in on-boarding merchants from low-risk sectors and various high-risk sectors. Merchants processing a high volume of transactions can qualify for same-day echeck. High-volume merchants can also get settlements every 72 hours. We can also assist businesses in accepting high-value transactions.

Affordable Echeck Payment Gateway At Zero Setup Charges*

Echeck processing fees vary depending upon various factors. Generally, the rates can be as low as o.75% to 1% for low-risk industries. The echeck processing fees can be up to 4% for domestic merchants from high-risk industries. Please note that the merchant’s location also plays a critical role in defining the rates. Some of the factors that affect the pricing structure are.

  • Credit Risk: Stable businesses do get better rates.
  • Industry type: Merchants from industries with a history of high returns pay high fees.
  • Ticket size: Merchants offering services at low ticket size pay low prices.

Echeck Payment Option (Face To Face, Email, Web and Phone)

There are four echeck payment options. Each has unique advantages. Let’s discuss all four of these.

  • Face To Face Payments: This echeck payment option allows the merchant to accept in-store payments. The customer can give the necessary details to the merchant. Then the merchant can start the transaction by using a Virtual Terminal.
  • Web Echeck Payment Option: This is like how people make credit card payments online. At the checkout page, the customer fills in the account details.
  • Pay By Email: The merchant can send a payment link over email. The customer can click the link to make payments online.
  • Pay By Phone: Customers can call the support number of the merchant and share the account details. The merchant can accept MOTO orders and submit all these to the virtual terminal panel.

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.
eCheck service transaction fees range from 50 Cents to $ 2 as per the merchant risk profile. Additional charges shall include Gateway fee, Chargeback fee, Return Fee, and MDR, which is usually around 0.75% for low risk and can go as high as 4% for high-risk accounts.
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.
The echeck system payment clearance can vary among different providers. Usually, the transaction gets processed within 24 to 72 hours of payment.

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.

eChecks uses the Automated Clearing House (ACH) network, which is regulated or governed by NACHA and Reg E rules. National Automated Clearing House Association(NACHA) manages and regulates the ACH network and connects most banks in the United States Of America. It facilitates the movement of money from one bank account to another.
High returns can have a harmful impact on the merchant account. eCheck return is an un-settlement of funds. There could be many reasons like insufficient funds, account freeze or authorization revoked, etc.

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.

Quadrapay assists merchants from various high-risk industries. Many card schemes restrict many sectors. Unfortunately, there is no legal way to find card processing for such sectors. Some of these industries are legal. Card schemes ban many legal industries because of high credit and reputation risk. Where do these merchants go? Should they shut down their business? Quadrapay believes that every legal entrepreneur should get the possibility of accepting payments. Our team helps firms from various high-risk industries in getting reliable echeck services. The application process to get echeck services is simple. You will have to submit a detailed merchant account application. This application will help echeck service providers to test the risk exposure. After a detailed analysis of the application and KYC, you may get echeck services. Low and High-Risk Merchants can qualify for echeck virtual terminals.
Electronic checks processing is almost similar to ordinary paper checks transaction processing. There are two main differences. In a paper check, the client writes and deposits the check. Echeck uses the internet to initiate and complete check transactions. Steps That Are Needed To Do An Electronic Check Processing: Request for Permission: The merchant must receive authorization from the client. It is a by-law requirement. The merchant can take approval over the internet. Setting up a Transaction: After authorization, the merchant can manually submit the transaction information to the echeck terminal—the transaction information includes account number, routing number, product info, note, and customer info. Conclude and Submit: The details are verified using Internet Bank verification. Once approved, the transaction information moves to the ACH network for the final processing. Confirmation of payment: After the transaction’s approval, the funds move from the client’s account to the third-party echeck provider’s account. The provider then sends the funds to the merchants’ business bank account as per the agreement. Some essential echeck providers allow merchants to directly deposit the digital copy of the check into the merchants’ bank account. It is not a good option for high-risk merchants. However, low-risk merchants can use this mode.
  • 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.
Due to the advancement in technology, people’s trust in the online world is increasing incredibly, as is online gambling. The global online gambling industry is about to be over 94 billion U.S. dollars by 2024. The value will be double compared to today’s market value, which is 46 billion U.S. dollars as per Statista. If we see the giant country in gambling, the USA and China are at the top of the list. Are you a merchant having your legal gambling website or a store to offer people to come and gamble? If so, it’s time to print money because it’s a money-minting business. But to accept money, you need to have a robust, secure means of payment acceptance, so we offer you eCheck for legal gambling sites. eChecks are a popular payment acceptance method in the USA. Please note that all applications are reviewed individually, and approvals come only after evaluation.
You can add transactions manually using your echeck merchant account. After logging in, click Create Transaction.
The check number is in the upper right-hand corner of the paper check and follows the account number on the bottom of the check. This is typically a four-digit number that identifies the individual check. It enables the account holder to track checks written. Our solution only processes transactions from checking accounts located in the US.
The Verification Team will do Bank Verification and Customer Verification for validation. So, please inform your customer that the team will call them for verification. If your customer misses the call, our team will retry a few times in 24 hours. If your customer does not answer or call back within 48 hours, the transaction will be declined.
Yes, the eCheck solution is available in the USA, Canada, and Europe, but different regulations and laws are liable to process eCheck transactions. We suggest speaking to the bank first for merchants outside the USA and seeing if they’re okay with accepting USD Substitute checks. In some cases, banks may hold the funds for a few weeks before clearing.
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