The Next Big Thing in eCheck Payment Solution
eCheck is one of the most recognized and trusted payment solutions these days. Folks discovered eCheck as a convenient & accessible payment settlement solution. Thus, if you are seeking the latest and innovative approach to processing your online payments, we’ve got you.
eChecks- A Digital Iteration of Old Payment Technology
The eChecks are electronic versions of traditional paper checks used to process online payments. It is the type of electronic funds transfer that utilizes the ACH network to process the payments from customers to the payee’s bank account. Also, it provides ultra-security features than standard paper checks. However, they’re not only more convenient but also provide a more secure and Cutting-edge solution for payment processing.
How Does eCheck Work?
eCheck Payment Solution collects customers’ bank account information and uses it to process their payments. You don’t have to store or transmit your sensitive data in the software. These transactions are protected by 128-bit SSL encryption, so you can be sure that your data is safe and confidential anywhere.
Electronic check processing is similar to paper check processing but faster than other traditional methods. Instead of manually filling out the paper check and sending it to the business, the technology allows the process to happen electronically. By this, you can save both time as well as paper. A few steps are involved in processing the electronic check.
Payment Authorization: In the beginning, the customer must enter their bank account information and the authorized payment details. They will also find an online payment gateway. The authorization can be for a single transaction or a recurring subscription.
Request Payment: Here, the business payment processor creates a payment request with the information of the customer’s account. Then, the processor sends batches of payment requests to the automated clearing house (ACH).
Payment Confirmation: After requesting the payment confirmation, the ACH sorts the batches and straightforwardly sends them to the customer account. After that, the bank verifies all the required details and confirms the availability of the funds.
Final Payment: After verifying the transaction, the money will be transferred from the customer’s bank to the business account within 24 to 48 hours.
Advantages of Choosing eCheck Payment Solution
Electronic check offers several advantages over the traditional methods You’ll find a few of them in this section.
- eCheck payment solution is more secure than other traditional methods. Using the eCheck payment service, your personal & financial data will never be transmitted over the Internet. It is processed through a secure and encrypted connection.
- These payment solutions are faster than credit cards or other payment methods. With this payment solution, you will receive the money in your account within 24 hours, compared to the traditional methods.
- You can initiate payments directly from your bank account using this solution and transfer large amounts of money throughout the world.
- eCheck payment solution is more affordable than other payment methods. Using eCheck, there are fewer transaction fees than other online payment methods. Thus you can save money every time you make the payment.
- Using eCheck you can set up recurring payments, split payments between multiple recipients, and more.
What Can We Expect in the Future of eCheck Payment Methods?
With the advancement of technology, people are also upgrading themselves. Online payment has now become trending these days. This eCheck payment solution is a new form of electronic check payment that allows people to transfer their money by ACH payment directly. You’ll find some of the future expectations of the eCheck payment method below.
- eCheck solutions secure servers to encrypt and protect all personal and financial information during the transaction process.
- It’s all done electronically, which means there’s no physical movement between the banks.
- The best part about the eCheck solution is that it helps save a lot of paper by creating environment-friendly checks.
- Businesses receive their payments instantly without the expense charged by credit companies.
- With the help of eChecks, you can take payments from customers and sell subscriptions to clients. Also able to accept donations from well-wishers.
Thus, if you’re looking for a new, secure, fast, convenient, and more affordable way to make online payments, eCheck Payment Solution is perfect for you. The eCheck payment solution ensures high security while transferring your payments online using the ACH system.