e-Check is a kind of electronic payment where the money is transferred from one financial institution to other financial institution. Though there are other payment methods available such as credit card processing, ACH payment processing, e-Check processing, and another payment method. But e-Check has become one of the prominent choices for transferring funds from customer account to merchant account. The payment method is popularly known in Asian countries. People are admiring it because of its enhanced feature of providing quick and reliable services. Amald has helped several merchants to have easy and flexible payment transaction solutions. We at Amald intend to provide best e-Check Payment Processing solutions that will allow you to have easy and quick payment transactions.
The cutting-edge technology has allowed making payment from the electronic network. Previously, traditional checks were used to transfer money from one bank account to others. But traditional checks were quite the old version requires to fill a lot of the personal details and other manual stuff that requires a lot of time in processing and payments get transferred in a few days. But with the advancement in the technology, the e-checks came into the pictures that are the way to efficient and provide quick services as compared to any other payment option. ACH means “Automated Clearing House”. It is a kind of electronic network that is mostly used by the financial institutions in the United States that will help you assist the transaction protocols supported by the payment processing companies.
One of the best ways to know the difference and similarity between the ACH, e-Check, EFT. E-Check is a kind of electronic funds transfer that takes help from the Automated Clearing House networks to process the payments. The money gets transferred from the payer’s account to the payee’s account. The process is quite similar to the paper check; it just involves the entire mechanism to be transferred electronically. People are getting close to using these payment methods since they empower the e-commerce businesses for having efficient payment transaction for the business. E-Commerce businesses are most concerned with getting a safe and secure payment transaction. Since a lot of customers deal in the e-commerce business and involves a lot of financial transaction. Hence, this business is also expected to have high chargebacks but with e-Check processing solutions, the companies can efficiently run the business without any interruption from the third party payrolls.
How does e-Check Payment Processing works?
It is quite similar to paper processing that probably works faster as compared to any other option. A customer has got to manually fill a paper check and send it to the business is required to pay. The cutting-edge technology is saving time as well as paper waste.
Four simple steps to get into the processing of an electronic check.
1. Request Authorization: The business is required to take an authorization request from the customer to make the transaction. This can also be done through online platform form or the phone conversation.
2. Set up and Installation: Once the authorization gets completed, the gateway provides the information to the online payment processing software. If the payment is recurring payment then it should include the details of the recurring schedule.
3. Payment Submit: Once the payment information is properly conveyed to the software, the business can have the facility to click “Save” or “Submit” button and starts the ACH payment transactions.
4. Payment Acknowledgement: The payment gets automatically withdrawn from the customer’s bank account; the gateway conveys the receipt to the processor and the payment gets deposited to the bank account. Funds get transferred to the merchant bank account from the customer bank account within 5 to 7 business working days.
Make recurring payments with the e-check facility
eCheck is one of the popular methods to pay recurring bills. It might be possible that you have heard the term “recurring ACH payment” which is quite similar to recurring eCheck payment. Most of the property owners prefer their tenants to make payment through recurring eChecks, providing them with the liberty to automatically deduct rent from the tenant’s checking account on a particular date of each month. Most of the customers use a recurring billing payment method to transfer funds in the monthly cycle.
We at Amald are one of the leading payment gateway service providers that are providing efficient payment transaction solutions to merchants. We have years of experience in providing payment transaction solutions to merchants. We have gained much of the reliability and trust over the vast period by providing quality services to the merchant. We are promoting payment transaction solution to our clients to provide them with efficient payment transactions. We provide e-Check Payment Processing solution to merchants so that to provide them with the fast and reliable payment method.
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