As a small business owner, you are working hard to make your business success and gain more revenue with a large customer base. But does your current payment method help you to save money? Does your existing merchant account provider help you to boost business sales? If the answer to all these questions is no, then you might end up with lower profits in respect of your day and night hard work. It would be best if you utilized the benefits of electronic check processing. Theecheck is one of the best echeck merchant account and payment processing solution providers. Especially for small scale businesses, we provide low-cost processing merchant services. Get in touch with our expert at +1-855-403-3855
Reasons That People Love Electronic Check Processing
Electronic check processing is one of the most preferred payment methods. Whether it is Business to Business payments or Customer to Business payments, whether it is low-risk payment processing or high-risk merchant processing, any business merchant can take advantage of it. It was all started in 9170s by the NACHA (National Automated Clearing House Association). Initially, it was used to expedite the payroll procedure. This resulted in a faster and efficient transfer of funds with the help of clearing checks. This is an automated process where all the funds get transferred to the payee over the automatic clearing house (ACH) network. According to the analysis by NACHA, millions of transactions worth around 43 trillion dollars are transferred over ACH network with echeck processing every year. It also includes low processing cost while compared to the cc processing payments. By this you can save a lot of money on per transaction charges for your business.
How Does Electronic Check Processing Works?
Basically, there are four stages of electronic check processing services. It offers a hassle-free experience.
- Authorization: This stage involves the authorization procedure. A payee requests for the payment from the customer or payer. This is done with the help of a payment request system. All this at a click of a button.
- Processing: Right after the moment the merchant receives the authorization, the merchant can initiate the payment process. The merchant needs to provide all the details like bank checking account number and routing number details taken from the customer to the processor.
- Verification and Finalize: This stage includes the verification procedure. To ensure that all the account details and routing number provided are accurate, doing a cross-check is a must.
- Deposit: This is the last stage for electronic check processing. In this, the funds get settled in the payee’s bank account. It might take up to 2-3 days. Both the customer and the business merchant will receive a confirmation receipt for the transaction.
Are Echeck Payments Safe?
This is the most frequently asked question across various search engines. Every year, thousands of people consult about the safety of their funds while transferring over ACH through electronic check processing. The echeck payments are governed by the financial institutions, government agencies and telecommunication firms. This makes sure that all the funds are settled safely and reduces the chances of being any fraud. If we compare with the regular paper checks, this is even safer. Paper check payments are more prone to be lost while in transit and require a lot of effort to get settled in the bank account.
If you still have any concerns about echecks, You can reach us at [email protected].