|December 13th, 2021
Do you know the right way to set up eCheck for business payments to offer a competitive edge to vendors and businesses? This is why many consumers search for easy and contactless methods of payment.
If you are searching for ways to widen the option of digital payments, do think of using the online check processing method.
One can start this process by preferring the eCheck signup while working with the merchant service provider. It is a highly harmless setup process and can add significant value to your existing business.
Know About eCheck
An eCheck works as an abbreviation for “electronic check,” It works as the digital version of the traditional paper check. Most banks use the automated clearinghouse to direct debit transactions from the customer’s checking account, and it goes directly into the merchant account. This is possible because of the payment processor.
Do you know the right way through which eChecks work for businesses?
If you are learning how to set up eCheck payments but still thinking about how they can turn around your business?. Companies generally prefer eCheck processing, and it works as a cost-effective alternative to traditional credit card processing. It also helps one to accept eCheck for recurring billing models like subscriptions and eCommerce.
Different Way To Credit Card Processing
The process of eCheck for business transactions is quite different from card processing and transfers. Moreover, ACH processing uses its network and credit card processors, which send money through various networks.
Moreover, electronic fund transfers rely upon ACH (eCheck) transfers, and eCheck transfers are labeled to be more secure. Usually, banks transact wire transfers one at a time.
Highly Effective Option
eCheck processing revolves around transferring money differently. Many payment processors do use ACH processing for eChecks whereas, credit card providers take the help of card networks for transferring credit card funds.
eCheck processing is the most cost-effective way to do business, and one is not allowed to carry interchange and any other fees as they do with credit cards.
It is the main reason that values eCheck is an attractive solution for significant and recurring payments.
How to set up an eCheck account?
When you prefer eCheck processing for your business, you must go through the payment processor and merchant service account provider. Being a user, you are required to seek approval for establishing the merchant account. At the time of enrolment, you need to create authorization forms for making payments.
Step 1: Create A Merchant Account
If you need to sign up for eCheck processing through the payment processor, you need to create an ACH merchant account. It shall enable you to utilize the ACH network to withdraw payments from customer payments. Many merchant service providers do provide eCheck capabilities in their basic accounts.
Step 2- Meet All The Requirements
To meet overall eCheck processing requirements, you must provide a federal tax ID number, the projected processing volume, and entire years of operation.
You do need additional information, including credit score as well as processing history. Moreover, the requirements will also depend upon the provider to ensure that you conduct proper research before taking any decision.
Step 3 Gain Approval
After submitting the information needed for approval, it might take several days and weeks to get approval. Moreover, any service provider requires this information to ensure the secure and continued transfer of funds. Therefore, your merchant will get ready after getting support, and you shall begin accepting eCheck payments.
Step 4: Create Customer Authorization
Setting up ACH billing transactions for eCheck processing demands customer authorization. Customers are also provided with information to submit an online payment form.
Step 5: Accept eCheck Payments.
An individual needs to carry the right tools, forms, and authorizations to accept eCheck processing, and it shall allow you to make and get eCheck transactions.
Moreover, you require a payment processor to guide you through the steps needed to accept eCheck payments conveniently and quickly.
When you want to set up payment processing, it might help you to consider what you need in terms of debit and credit card processing and ETF support.
In order to cover payment transactions, you need to work with a payment processor that will meet all your processing needs. You also need to ensure that online businesses are equipped with the right payment gateway to accept debit, credit card payments, eChecks, and ETF transactions.