What is eCheck?
For Small to Mid-range business owners, the bottom line is to keep money flowing. The business owner tends to give multiple options to accept payment and eCheck is one of them.
eCheck is a digital version of a paper check and is also known as an electronic check. eChecks use the ACH(Automated Clearing House) to direct debit from a client’s checking account into a merchant’s corporate bank account, with the help of a payments processor such as offshorgateways, 1stprocess, and many more.
Difference between eCheck and normal Check
While eChecks are scanned copies of paper checks, paper checks are good old fashion checks and are likely to become extinct in the future. Only a Few consumers are writing checks now for everyday purchases or home expenses. eChecks also take less time to process than paper checks. Paper checks require longer processing however eCheck occurs digitally, which can speed up the process.
Retail e-commerce revenue in the United States was estimated at roughly 768 billion U.S. dollars in 2021 and is expected to gain a larger share of overall commerce.
Working Methods of eCheck Payment Processing
In order to accept eCheck payments Processing, a Merchant must first obtain the customer’s information including their bank routing and checking account numbers. This information can be obtained online, by phone, or in-person via a paper form. These days merchants have websites and provide a secure form page for their clients to enter sensitive information.
The merchant’s bank can communicate directly with a customer’s bank. Once the funds are verified, the direct debit happens via ACH. The modern ACH Network experienced significant growth in 2021, with 29.1 billion payments valued at $72.6 trillion(courtesy google).
How to get an eCheck Merchant Account.
We at offshore gateways can help you to secure an eCheck merchant account for your high-risk or low-risk business. We would be needing a few KYC and KYB documents to secure approval with competitive rates. Get in touch with our business manager to learn more about how you can secure an eCheck Merchant account(contact us).
For Small to Mid-range business owners, the bottom line is to keep money flowing. The business owner tends to give multiple options to accept payment and eCheck is one of them.
eCheck is a digital version of a paper check and is also known as an electronic check. eChecks use the ACH(Automated Clearing House) to direct debit from a client’s checking account into a merchant’s corporate bank account, with the help of a payments processor such as offshore gateways, 1stprocess, and many more.
How to get an eCheck Merchant Account.
We at offshore gateways can help you to secure an eCheck merchant account for your high-risk or low-risk business. We would be needing a few KYC and KYB documents to secure approval with competitive rates. Get in touch with our business manager to learn more about how you can secure an eCheck Merchant account.
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