E-checks can be described as the electronic version of the traditional paper cheque used to pay for goods or services online. Many companies seek e-check accounts to enable their customers to pay for goods via electronic checks giving the customer more freedom and flexibility in payment options.
E-checks are a popular payment solution opted for by companies across the globe to allow US and Canada customers to pay for goods or services through electronic checks. E-checks will withdraw the amount stipulated on the check from the individuals bank account for payment of the goods, however customers can only pay via e-checks where the company accepts this form of payment.
Many individuals are concerned with using credit or debit cards online with the heightened risk of ID fraud and so it is advised for companies to offer an alternative method of payment such as e-checks to provide customers with greater freedom and privacy in choosing their ideal method of payment. E-checks can be accepted by any type of organization or merchant regardless of their size however at present e-checks are only accepted from customers in Canada and the USA.
Companies offering e-check payment processing will require the e-check to include the individual’s bank account name, bank account number and bank routing number. Like traditional cheques, an e-check requires a signature to be made where it is used to pay for goods or services online. The payee and payer can sign the check by using a digital signature.
As e-checks can take up to 5 working days to clear it is important that the individual paying via e-check has available funds in his/her account. Starting Business can help organizations to clear cheques in order to successfully process them and obtain the required payments.
There are two main ways of processing e-checks, namely; ACH (automated clearing house) and Check21, both enable e-checks to be processed and cleared however ACH can take longer to process funds.
E-check processing is regarded as the electronic processing of check payments from customers for goods or services online. E- check processing is the advanced and online version of the traditional method of payment by checks and it has become increasingly popular among ecommerce companies today.
Starting Business can provide comprehensive e-check processing services for companies of all sizes, in a timely and professional manner. Our consultant’s are experienced in all areas of e-check processing and can advise you on how to use e-check processing to its full potential and effectively optimize your business.
e-Check processing is the electronic version of the traditional paper check payment method and can be transacted online between a customer, wishing to pay for goods or services online, and the company offering these goods or services. An e-check offers customers convenience and a greater level of security and confidence in paying for commodities online as many individuals are concerns with online fraud schemes.
An e-check will require the same information as a traditional check in that it will include the amount of money to be paid, individuals bank account name and number, bank routing number and the signature of the payee. With e-checks, the signature is achieved digitally. E-check processing is only available for customers coming from the United States and Canada.
There are two main methods of processing e-Checks, namely; ACH and Check21. ACH, also known as automated clearing house, enables e-checks to be processed in a similar way to how bank wires operate. With ACH processing, e-checks can take up to 7 working days to clear. Check21 processing is a more popular method of processing e-checks as it enables faster clearing and fund transfers to take place. The clearing of an e-check through Check21 can take between 1-3 days to clear.
Starting Business can provide comprehensive advice and guidance on how to obtain e-check payment solutions and how to effectively process e-checks in accordance with necessary standards and regulations.
Our consultants are dedicated to providing companies with the most appropriate and cost effective payment processing solution that ultimately helps companies to meet their business objectives. With regards to e-checks, we can advise and guide you every step of the way in obtaining e-check processing and the relevant merchant account while also providing effective consultancy on how to operate your e-check processing service in compliance with industry standards.
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