|February 24th, 2022|
Today, most businessmen choose eCheck payment processing. Electronic check processing is similar to paper check processing, but instead of the conventional check as it has many advantages like saving time, faster clearance, higher protection, simpler to deposit, and accepting charges anywhere. eChecks offer one of the easiest methods to monitor cash flow on top of dealing with incoming payments in your business.
Digital checks or eCheck come with technology that helps you to create a virtual checkbook showing what you have deposited, make assessments on recurring payments, and so on. Electronic checks make it quicker and less complicated to acquire payments, however, additionally, they assist you to recognize your monthly balance sheet at a glance. Choosing eCheck will give you a higher advantage than a traditional check, in your business.
How does Electronic Check payment processing work?
The transaction is authorized: It is important that businesses accepting eCheck have to get authorization from the customer before processing the transactions. The authorization can be done by filling up an online payment form, signed order form, or recorded phone conversation.
Once the authorization is gained from the customer, the merchant can send an invoice to their customers or manually enter the payment information into their eCheck dashboard, which may include a recurring payment schedule if required.
The system captures this information once the merchant enters the submit button.
The payment is automatically withdrawn from the customer’s bank account by the respective bank and deposited in the merchant’s business checking account upon proper verification. The deposit generally takes place within three to five business days into the merchant’s business checking account after the transaction is initiated.
How E-check payment processing facilitates you?
The merchant can quickly scan the check information with the eCheck processing. They can soon send an electronic replica of it to the bank. If sufficient funds are available, the transaction is permitted immediately, which allows the merchant to be paid a great deal quicker.
A business can effortlessly be given a check without using payment processing, of course, provided they don’t mind giving experience to the bank to sign and deposit the check into their account. In addition to being a problem, this approach additionally leaves open the risk of the check being lost or rejected for insufficient funds. If enough funds are available, the transaction is approved immediately, which permits the service provider to be paid a great deal quicker.
Key Benefits of eCheck services:
You might be wondering how an eCheck system will work for you?
✔ Accept payments over the phone in a virtual terminal.
✔ Create a payment link- email or invoice your client to complete the transaction.
✔ Get the picture of checks from your client, and then process it through Virtual Terminal.
✔ Accept payments at the website by integrating a Pay Now Button option for the customers.
✔ Set recurring billing program, sub-merchant option.
Some additional benefits of eCheck payment processing are Low transaction fees, More secure than paper checks, You can collect payments from people without debit cards or credit cards, Convenient for Business-to-Business Payments, and Reduced Instances of Declined Cards for Recurring Payments.
The usage of eChecks can speed processing instances, due to the fact the records are verified electronically, they can be established extra quicker than a paper check. EChecks permit you to collect payments from those who forgo card payments.
eChecks Can be used to Recurring Payments?
eChecks are actually one of the most popular types of the recurring payment. It is also referred to as “recurring ACH payment” or “direct debit”.
Get faster with Paycron
Paycron offers all-in-one e-check payment processing solutions. Our eCheck gateway technology helps both low-risk and high-risk merchants get paid faster and easier than ever. Our dynamic network of financial partners permits us to distribute risk more effectively and offer payment processing services with minimum transaction charges and no burdensome reserve or escrow requirements. Our era-driven solutions allow you to transcend your competition. You can call us anytime for a free consultation, to know more about Paycron, our processing fee structure, and to review your revenue potential. With our eCheck processing services. You can grow cash flow, make payments quickly and deliver your customers greater payment options.
The more payment solutions you’ve got, the extra potential clients you can reach. eChecks is a must in your payment processing solutions bucket, helps you amplify your client base, and can save you money on charges accrued from ordinary payments.
eCheck is appropriate for each merchant, they are genuinely worth considering for businesses that regularly collect high-dollar amounts.