For every business owner, the main criteria are to maintain the cash flow. Especially for a small business, it is required to provide a diversified payment processing solution. That should be convenient for the business as well as their valued customers. Here we at TheEcheck tried to answer all the frequently asked questions in terms of echeck merchant account and online check payment processing. Contact us today at +1-855-403-3855.
Q. How Does Online Check Payment Processing Different From Paper Check?
Ans. Online check payment processing is a digital processing method for electronic checks. These echecks are upgraded versions into a digital form of the traditional paper checks. Echecks are sometimes referred to be internet check, electronic check and online check. The online check payment processing works on the network of the ACH system (Automated Clearing House) to deduct the funds from the customer’s bank account and transfer it to the business merchant acquiring bank account. Because echeck payments are transferred electronically, this makes a faster transaction processing, safer processing structure and more comfortable to get reflected in the checking bank account.
Q. How Does Echecks Compare To Wire transfer And Electronic Funds Transfer?
Ans. EFT is termed to be an electronic funds transfer. It’s a generic term that covers up various payment methods like ACH transfer, echeck, bank transfers, e-wallet payments, direct deposits and many more. Payment processing methods like echeck and ACH are the type of electronic fund transfers, but not all EFT transactions are ACH or echeck.
Talking about Wire transfer, this involves the manual process to transfer money from one bank account to another. In ACH transfers, the transaction gets placed in several batches. But in the wire transfer, it is totally manually and thus only one transaction at a time is possible. One of the disadvantages of a wire transfer is that it requires high processing cost while compared to the ACH payment processing. And the major problem in terms of safety is that once a wire transfer is initiated, it can’t be revered. That’s another reason that ACH is better, which allows a possibility of reverse transaction procedure.
Q. Does Accepting Online Check Payment Processing Help A Business Grow?
Ans. Yes! Accepting Online Check Payment Processing Help A Business Grow. There are some chances that a credit card number might change, compared to the likelihood of the account number, which will not change so quickly. This reduces the chances of long term business payment breakage. One of the features that attract various customers is the recurring billing feature. Just like subscription-based payment methods for membership of music or magazines, a business can also take payments for the service and products sold. This makes it easier for the customers to purchase the products without paying a lump sum at one time. Also, this improves the customer-business merchant relationship.
Q. How To Get Started With Online Check Payment Processing?
Ans. Now it is easy to get started with an online check payment processing solution. A business merchant needs to contact TheEcheck though the merchant account application form. After successfully submitting all the information in the form along with all required documents, the echeck merchant account may get activated within 48 to 72 hours.
If you still have any concerns, reach to us at [email protected].