What is an e-check
An e-check is an electronic version of a paper check used for online payments. E-checks are made directly from your bank account, which must be linked to a business which allows for the payment and transfer of money through the internet. From here, the money will be processed into the selected account.
For further information on the e-check processing solutions we can assist you with, Contact DeltaQuest.
E-check explained
Since the gradual decline of the paper check, electronic checks have grown in usage for electronic transmission to the paying bank or clearing house. E-checks offer an alternative way to pay for goods or services that does not require the use of a credit card. Instead, the money is withdrawn straight from your account, through the check processing authority and into the selected account.
An e-check holds many benefits for customers, as it provides greater peace of mind for those who do not wish to input their personal or financial details into the internet. E-checks also prevent merchants from seeing any of this information, thus emphasizing confidentiality and privacy throughout the transaction process. The information required when making a payment with an e-check is simply the name on your bank account, your bank account number and your bank routing number.
The primary downside to e-checks is the duration that it takes to clear the transaction. Just like a paper check, an e-check usually takes between two and five working days to clear, however it can take longer than this depending on which jurisdiction the check is sent to for processing. Furthermore, many check processing companies do not have rigorous anti-fraud procedures in place.
Currently, e-checks are only available for clients based in the USA or Canada. This is because there are no universal banking systems outside of this area.
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