Payment processing systems are an integral part of websites and applications. Any website that provides a product/service ex: an e-commerce website and business, has to provide a process to send/receive payments. There are different methods to achieve this and eCheck is one of these methods. E-checks have recently become popular as they are a novel payment processing concept gaining immense popularity and merchant recognition. E-checks are the digital counterparts of conventional checks and are safe, fast and secure; they perfectly fit the profile for online payment processing services.
What is an eCheck Payment?
An eCheck payment system facilitates financial transactions between two parties. As compared to conventional methods like credit/debit card payment and other modes of digital payments, eChecks come with a guarantee of high safety, low risk factor, free & instant set-up. They are convenient for both, the customer and the merchant, since fund transfer takes place directly between concerned bank accounts.
How an eCheck Works?
Transfer of funds in an eCheck payment is facilitated by the Automated Clearing House (ACH) network which charges a fixed minimal fee per transaction. The merchant sends the customer a link to the payment page which generates a form asking details of customer and his bank account. Once the details are entered, customer submits the form which is directly received by the merchant. The merchant prints the generated eCheck form and submits it to his bank. As soon as merchant’s bank processes the payment, the transaction is complete.
Why Opt for eChecks?
E-checks save time, resources and end the need for intermediaries to achieve transfer of funds. They are less prone to cyber-frauds because they are verifiable and cannot be falsified. An online business/service that requires an efficient payment processing system to take care of their day to day transactions while providing a safe and seamless service can definitely opt for eCheck services. These services are available with the major payment services providing companies near you. The set-up is free and easy, and requires just one day. There is also no need to rent/lease/buy any supplementing devices. E-checks are by far the most uncomplicated method of fund transfer. They come without any upper or lower amount restrictions.
Since, they are still gaining popularity as a payment method, there can be questions or queries regarding eChecks. Feel free to contact customer support services to understand and implement eCheck system to your business.
This article originally appeared here: https://paycronn.blogspot.com/2020/03/echeck-payment-what-why-and-how.html