How To Setup Merchant Account to Echeck With Ease. Quadrapay Now Offers Echecks Starting At 1.95%
What? Don’t you know about the echeck payment? And you also want to accept high volume payments? Okay, no problem QuadraPay is here to help you and to guide you to get the Echeck merchant account.
What is an Echeck?
An Echeck also called as an electronic check, is a form of online payment where money is electronically withdrawn from the customer’s account, transferred over the ACH network, and deposited to the merchant’s account. With an ACH or eCheck merchant account, you can withdraw funds for an excellent or service directly from your customer’s bank account.
In case you received some information on a paper, electronic check processing also means that you can convert a paper check received into an electronic transfer.
Features of eChecks
eChecks have the following features:
have the same information as paper check have
are based on the same rich legal framework as paper checks
Based on the same rich legal system as paper checks are
Can be exchanged and linked directly with multiple parties
Can be used in any remote transactions
Strengthen the feature and functions provided by bank checking accounts
How does eCheck Processing Works?
You must be aware of how paper information works. But do you know about eCheck processing? How does it work?
If we describe in simple terms, it is only faster than paperwork.
Rather than a customer is filling a paper check and sending it to the service provider, today’s technology allows this process to happen electronically, saving the time of both customer and goods or service provider and it is convenient also.
Main steps of processing an electronic check:
- Request Authorization: The business needs an authorisation form signed by the customer to make the payment. This can be done via mode like payment form, signed order form, or telephonic conversation.
- Payment Set Up: After authorisation is complete, the business sends the payment data to the online payment processing software. And in case the payment is recurring, then this recurring payment also includes the details of the recurring schedule.
- Finalise and Submit: Once all the required information is correctly entered into the online payment software, the business clicks “Submit” and begins the ACH transaction procedure.
- Payment Confirmation and Amount Deposited: The payment is consequently automatically from the customer’s bank balance, the online payment software sends a payment receipt to the customer, and the amount itself is saved into the business’s bank account. Assets are commonly deposited into the merchant’s bank account three to five business days after the ACH transaction is started.
Advantages of eChecks over Others
You may have a question about what is the advantage of having eCheck? And to answer that question, we have got a list for you.
- Echecks offers the following advantages:
- Quickly understood by bank customers
- Easy to operate by customers
- Highly safe and backed by banking regulations
- Provided nearly by every major payment gateway
- Have lower transaction fees than alternative payment methods per transaction
QuadraPay: Moves Shoulder to Shoulder With You
So you need an eCheck merchant account, fill an application form on our website and send it to us. And you’re done! Yes, it is that simple.
Once QuadraPay will receive your application, our team will look at this and get back to you as soon as possible. While undergoing your application, we may require some documents like KYC details. To get an eCheck merchant account, you should have a working web-portal. And in case you’re shipping some products of another party, the service provider may require some documents undersigned by the party of whom you’re selling the products.
QuadraPay is serving this service from day one of its establishment and always focuses on customer service.
Based on our understanding, if you’re applying for the eCheck merchant account, we will recommend you to have the business plan, that will not make the things for you and QuadraPay but also make a good impact on the service provider.
After the service provider marks “Approved” on your application, you’re only liable to sign the documents with that provider and not with QuadraPay. Please make sure that you read the terms and conditions carefully. And lastly, the service provider will send you an API(virtual terminal), which is to be installed into your website by your technical team.
You may have a question in mind that what about the transaction fee? So different service providers have different plans, and they vary for various applications.
QuadraPay also works for high-risk merchants from different parts of the United States like in Texas, Florida, New York, California, so you need not worry about getting an echeck merchant account.