eCheck processing is now one of the most preferred methods of payment in the market. This provides the business merchants opportunity to thrive their business by grasping the echeck payments solution. As a business owner, you may be already aware of how likely most of the customers want to pay using echecks. Theecheck.com is one of the best echeck processing solution providers. We offer most of the services at the lowest possible price to facilitate our valuable customers. Contact us today at +1-855-403-3855 for the best processing solution applicable to your business needs.
How Does eCheck Processing Works?
In the USA, echeck payments are one of the most simplified payment methods. It is one of the most dominant preferences among customers. It offers the best convenience for business merchants as well as customers. But before adapting with exceptional service, a merchant should know how the echeck processing works.
Electronic checks are termed to be eChecks. These are the digital form of the regular paper checks. But because it transferred over the ACH network, it provides better benefits like faster processing and quicker settlements. Paper checks are prone to get lost while in transit and take more time to get processed to the destination end. Electronic Check Processing offers a hassle-free experience. Saves time and also saves money!
The steps involved in echeck processing are:
- Authorization:
The payee needs to gather approval from the customer to collect payments. A customer can transfer the funds through online eCommerce or via telephone. For example, if the customer opts for the online method, then the online payment will act as a means of authorization.
- Processing The Transaction:
After the process of authorization is complete, the customer provides vital payment details to the payment processor. A business merchant can do the same manually by filling all the details provided by the customer into the virtual terminal of POS or processing software.
- Finalize and Submit:
After filling all the information into the terminal, the business merchant needs to cross-verify all the details and then click on submit to get it processed further.
- Funds Settlement:
The settlement process might take up to the 2-3 business days to get it reflected in the merchant’s acquiring bank account. An e-receipt of the transaction is sent just right after processing the payment details to the merchant and the customer.
What Makes The Echeck Processing As Most Trendy Payment Method?
Some of the primary reasons that make echeck processing a popular payment method are:
- Acceptability Of Payments For Low Risk And High-Risk Business Merchants:
The main advantage of echeck processing is that this offers a seamless payment settlement for low-risk payment processing and high-risk merchant processing. This becomes very much helpful when a merchant can’t be able to get a credit card processing solution.
- Accept Payments Through Phone and Email:
A merchant can easily take payments from customers over the email or a telephone.
- No Rolling Reserve:
Unlike in other payment processing solutions, echeck processing does not involve rolling reserve.
- Hassle-Free Payment:
It is the best payment method, especially for subscription service payments like regular utility payments, mortgages, etc.
If you still need further assistance in figuring the best payment processing solution for your business, you can contact us at [email protected].