How Can Echeck Services Help You To Grow Your Business?
Electronic Check or echeck services is an electronic payment method is the most trending method for payment in the current industry. As a business merchant, you may already know that there are a lot of customers or business partners who like to pay by check. Now because of advancement in payment technology. The regular checks are upgraded to the echeck services. This is one of the most simplified methods of payment. Echeck offers the most convenient processing for the merchant and customers as well.
How Does The Echeck Services Works?
The eCheck services are somehow similar to the regular paper check. But it is in the form of a digital check. This can be easily transferred electronically. Because of online processing, the payments get transferred in very much faster time as compared to the regular paper checks. One of the additional features of echeck services is that it offers a safer check processing, which is not present in the case of paper checks, as they are prone to be get lost while transiting.
Steps That Are Needed To Successfully Process eChecks Through eCheck Services:
- Request For Permission And Authorization: The payee needs to get approval to accept the payments from the customer. This process can be done either through an online website or via telephone. According to the mode of operation. For Example; If a customer initiates the payment through the online eCommerce website, then this eCommerce website will perform the authorization procedures.
- Setting Up The Transaction Processing: After successfully verifying through the authorization process. The business merchant forwards the payment information provided by the customer to the payment processor. This can be quickly done by either manually filling the payment details in the virtual terminal or the transaction processing software.
- Finishing Up and Submit: After taking all the payment information and forwarding it to the payment process. The merchant needs cross-check all the details of the payment. After this, the business merchant can click on the submit option. This will save all the information in the form of a highly-secured tokenization procedure in the terminal.
- Confirming Payment And Funds Settlement: The funds are carried out from the customer’s bank account after the Transaction is initiated with the payment processor. The online application will generate a payment confirmation invoice and sends it to both the merchant as well as the customer. The whole process is automatic. And the funds may get reflected within three to five days into the merchant’s bank account.
What About The Risk Of Fraudulent eCheck Transaction?
No one can give you 100 per cent surety for security in the online payment industry services. There are always some chances of online frauds because of some external factors or someone’s negligence while online. But Don’t Worry! TheEcheck.com offers an advanced protection tool with fraud detection mechanisms. This provides you with a surety that you are always operating under a highly secured environment with very minimum chances of online frauds. Additionally, payment can be easily revoked if a customer thinks that a transaction being done under the echeck services is doubtful. Because of the (Reg. E)regulations, a customer can easily revoke a payment under the circumstances of considering it as a fraudulent transaction. That’s why echeck services are considered far better and safer while compared to regular paper check payments.
If you still need any further help regarding echeck payment processing or echeck services, You can reach to us at [email protected]