Payments can be a headache for any business. That’s why companies are increasingly turning to digital methods to effortlessly receive funds while giving customers the flexibility to pay in the best ways for them.
eChecks are a popular option. This is a simple way to pay that’s faster than using paper checks, more convenient than credit card payments and has lower fees.
In this post, we’ll explain how eCheck payments work and how they can benefit you.
What is an electronic check?
An eCheck—also known as an electronic check—is a digital version of a paper check. It has the same information that a traditional paper check would have, such as account number and payment amounts. The difference is that the data is captured and transmitted electronically from a bank account to the merchant’s bank account.
What is the eCheck?
With eChecks, a payer provides their bank account information, which the payee’s bank verifies to ensure there are sufficient funds. Once the payment has been authorized, it is securely processed by a central financial system called Automated Clearing House. Although the process can take up to…
