|April 26th, 2022|
Many small business owners often look for ways to streamline and expedite their checkout process. Some of them also wonder about knowing the benefits of using smart payment options such as eCheck services.
In this article, we will have a closer look at how eCheck services are different from other payment processes. We will read how eCheck services are quite different from other online payments.
What are eCheck processing services?
eCheck processing services work as an excellent eco-friendly payment option that can accelerate the checkout process. These services help customers to save data and billing information for faster checkout.
The primary purpose of eCheck is to provide a convenient way to accept payments. Thus, this entire electronic process gets streamlined into four simple steps-
Request Transaction Authorization-
The customers who transact the payment must authorize the amount requested by the recipient to get withdrawn from their account. Moreover, the payments can get approved through the signed order form and online payment form.
Set Up The Payment
When the customer authorizes the payment, the merchant will initiate the process by inserting the associated financial data (checking account and routing number) into the online payment gateway.
Finalize The Transaction
After receiving the verified financial information through the payment processor, the merchant can click on the “save” and “submit” options to submit the payment to their bank. Then the payment is further sent to the ACH network to initiate the eCheck transaction process.
Confirmation of Payment
The eCheck transaction amount gets withdrawn from the customer’s checking account and deposited into the business’s bank account. Then, the payment confirmation receipt is transferred to the customer.
Those days are gone when visiting banks several times used to be the common procedure for most of us. With the help of these four simple eCheck processing steps, you can efficiently and quickly process your payments. These amazing features have contributed to the growth of eCheck processing services today.
As eCheck processing rates depend on the business provider, they are generally lower in cost than other payments. The eCheck transactions generally include fixed or flat rates.
Fortunately, it can be said that eCheck services are secure, trusted, and reliable payment gateways that work as a feasible option in facilitating remote deposits without much delay.
Do you know what types of payments can be made through eCheck services?
The services of eCheck can be used for different types of transactions. The eCheck processing services can be easily accepted by businesses and consumers.
The lower processing fees linked with eCheck services have made them the most eminent popular method for recurring payments and big businesses.
Some of the most common eCheck payments consist of subscription-based services or membership plans, mortgage or monthly rental payments, automatic payments, legal retainers, and credit card payments.
Although there are many different ways businesses can process their transactions when it is related to streamlining financial transactions, only eCheck payment services work as the best payment processor.
Do you have any idea how long the eCheck clearing process takes?
As eCheck services process faster than paper checks, this can’t be compared with other online payment options.
When an eCheck gets submitted, it usually takes around 48 to 72 hours for banks to verify the payment source. But, if you rely upon paper checks, then it may take about 3 to 5 business days for the ACH network to deduct the ordered funds from the customer’s bank account and direct deposit them into the merchant’s account.
It may take at least seven days for merchants to receive funds in some cases. It is also seen that eCheck services can take a longer time to process because of the ACH network as it uses batch transfers instead of handling them separately.
Since each payment processor’s fees depend upon different types of payment processors, thus you can opt for eCheck processing services due to the value of their nominal fee.
With the help of the right payment provider, you can easily facilitate the payment process and need not worry about anything else.
You must keep in mind that eCheck processing services can also be delayed, like bank holidays and clearance of large amounts. Thus, it would be better if you prefer to transact the small payments and choose the right time for sending your remote deposits.
In the end, we can say that eCheck services are convenient for customers and can streamline their payment process. More importantly, these services ensure that businesses can grow without any hindrance if they have chosen the right payment processor like eCheck services.