What is Electronic Check Payment?

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Merchantech Payment Processing Services
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What is Electronic Check Payment?
It can be challenging to stay on all the
different payment options accessible to your
business, especially in an era where electronic
payments are the norm and cash, and traditional
checks are declining in popularity year after
year. However, business owners must know the
advantages and disadvantages of each payment
option they may provide to clients. The more
sales you make, the more significant the fees and
flexibility of different payment alternatives
become.  Payment processing is key to building a
solid foundation for your organization that will
support rapid expansion. Even a tiny percentage
improvement can result in significant long-term
savings for your company because transaction
costs can build up quickly. Additionally,
offering your consumers the finest choice boosts
customer happiness and raises online conversion
rates. It's not just about keeping an eye on
transaction fees. Many companies allow consumer
eCheck payments in addition to other types of
online payment. Here is a description of an
eCheck and how it operates.
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What is an E-check?

• A standard paper check is replaced by an
  electronic check or eCheck. An eCheck involves
• The electronic withdrawal of funds from the
  payer's checking account.
• Their transmission across the ACH network.
• Their deposit into the payee's checking account.
• The "Automated Clearing House" (or ACH) network,
  a digital network utilized by American financial
  institutions, facilitates these payments. A
  company can take money from a customer's bank
  account to pay for goods or services when they
  have an ACH merchant account. The customer must
  authorize the payment by a signed contract,
  acceptance of "Terms and Conditions" on a
  website, or a voice recording. 

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How do E-check works?
Processing checks electronically is far quicker
than processing checks on paper. Technology
enables the process to happen electronically,
saving time and reducing paper waste. Instead of
a customer manually filling out a paper check and
sending it to the company they need to pay, the
process can happen electronically. To process an
electronic check, follow these steps Customer
authorization is required before the company can
complete any transaction. This can be
accomplished by a signed order form, recorded
phone call, or online payment form. Setup of
payments Following authorization, the company
enters the payment details into the software for
accepting online payments. If the payment is
recurring, this information also contains the
specifics of the schedule.
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How do E-check works?
Complete and send After entering the necessary
data into the payment software, the company
clicks "Save" or "Submit" to initiate an ACH
transaction. Money deposited The customer
receives a payment receipt from the online
software, and the payment itself is deposited
into the company's bank account. The payment is
automatically withheld from the customer's bank
account. Three to five business days following
the start of the transaction, the money is
usually placed into the merchant's bank account.
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Benefits of using E-checks?
Checks provide numerous advantages for both
customers and business owners. These advantages
consist of Lower Costs Using an eCheck is far
more cost-effective than using a credit card when
making or receiving big payments from clients,
such as regular rent, mortgage, or insurance
premium payments. More rapid turnaround It may
take an eCheck the same number of days to clear
as a paper check. However, eCheck transactions
are a significantly faster payment method because
they do not require manually filling out a paper
check and sending it to the recipient through the
mail. Security Paper checks are vulnerable to
manipulation, which results in serious security
lapses. Since eChecks are processed using the ACH
network's security, it is unlikely that someone
will try to commit fraud by handing you a bogus
check. Automated Payments One of the biggest
advantages of using an eCheck is that the process
may be automated. eChecks can be automatically
generated and distributed each month
simultaneously if you make recurring payments. 
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What types of payments can be made by
eChecks? 

• Anyone that accepts electronic checks and
  payments can accept them. 
• For recurring payments, e-checks are effective.
  Several instances include
• Mortgage obligations
• Memberships in health clubs
• Repayments on a car loan
• Rent obligations
• Paying with a credit card
• How long does it take to process an eCheck?
• eChecks normally take 24 to 48 hours to verify,
  and it takes 3 to 6 business days for the money
  to leave the account and be deposited into the
  appropriate one. Because eChecks use a
  third-party system (ACH) to start the EFT, they
  are not processed instantly. It may take a few
  days before you see money flow because ACH makes
  these transfers in batches rather than one at a
  time. 

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E-checks v/s Credit card payments 
Payments made with credit cards and e-checks are
handled very differently. E-check does not use
the card networks for fund transfers instead, it
uses ACH. It results in decreased processing
costs, which is especially advantageous for
companies that handle large or regular
payments. 
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High-Risk Merchant Account 
You've found the best spot if you're seeking a
high-risk merchant account. Businesses in the US
and abroad can get secure high-risk merchant
services from Merchantech. All companies deemed
high-risk merchants are encouraged to apply. Low
Prices While offering you top-notch technology
and service, we aim to help you save money on
payment processing. Get in touch with us right
now for free rate comparison. Quick approval. To
fill more orders more rapidly, start processing
right away. US and international banks that
purchase. All types of organizations can get
high-risk merchant services thanks to the
availability of receptive banks. Accounts with
high transactional volume. Obtain processing
power to expand your company. Echeck payments
and ACH accounts with high risk. A simple
technique to improve US consumer sales by
1030. False fighting tools A wide range of
powerful tools for combating fraud enable you to
accept legitimate orders and reject erroneous
ones rapidly. Outstanding customer service. When
you need help, experienced, qualified
representatives give it to you.
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How much does E-check processing costs?   
Processing e-checks is free of charge generally.
The final cost associated with an e-check
transaction depends on a variety of factors and
variables, much like credit card
acceptance. However, echecks should be much less
expensive than credit card processing. The costs
will probably be in the same ballpark as
accepting ACH payments. Depending on your bank
and checking account, you can be charged a
per-check fee for each remote deposit. Some banks
can even charge you a monthly fee using
check-scanning equipment. Expect to pay some
percentage and flat cost for each transaction if
your present processor uses a payment gateway to
facilitate your echeck transactions. Additional
fees from your processor will probably be
charged, including ones for equipment, setup,
applications, check verification, high ticket
surcharges, batch fees, ACH return fees, and
more. These costs are frequently unneeded and
negotiable. Please contact us to have our staff
at Merchantech for the processing fees on your
behalf. E-checks are slower than credit card
processing but are less expensive. With an ACH
processor, your money might not be in your
account for 3-5 working days. Payments from
merchantech might be deposited into your account
sooner.
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What details are required for the processing of
an eCheck?

• The payee must have a registered ACH merchant
  account to submit an electronic check. Supplying
  the information below makes it possible for the
  business to take electronic payments and is
  straightforward to set up
• The ID number for federal taxes
• Address and name of the company
• The volume of transactions processed
• Years of operation
• Account information

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Who should accept Echecks? 
Fees for credit payment processing might be as
high as 3.5 percent this does not account for
additional expenses related to your merchant
account.   Depending on the supplier, they are
processing an eCheck costs between 0.10 and
1.50 on average. If you process more extensive
checks, this is a fantastic deal. While the
processing fees for a 10,000 credit card payment
might cost you more than 350, they are less than
the price of a cup of coffee for an eCheck
payment. eChecks are particularly beneficial for
companies that take significant payments. Fees
for credit payment processing might be as high as
3.5 percent this does not account for additional
expenses related to your merchant account.  
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How to send an eCheck payment in very easy
steps
An eCheck can often be sent in two different
ways. The first option involves getting the
recipient to send you an online payment form,
which you fill out with information like your
checking account number, bank routing number, and
payment amount. Then you send the payment to the
payee and permit the stated amount to be taken
out of your checking account. The payee will use
a (typically automataed) process to submit the
payment information and bank account information
when creating and processing an eCheck online.
They can then give the recipient their approval
for the payments.
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Is E-check secure?  
There is always a risk factor involved when
discussing any internet transaction. We can't
pretend that cybercriminals and hackers aren't
becoming more sophisticated every year. The same
risks apply to bank transactions as they do to
electronic checks. However, most financial
institutions and professionals believe they are
safe to use. In actuality, eChecks are more
secure than the paper-based option. Paper checks
carry a higher level of risk because a tangible
document can be taken and falsified.
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Contact Us Email Us csr_at_merchantech.com Website
https//merchantech.com/ Address 230 S.
Sterling Drive 260 Mountain House, CA 95391